Hasan Ali's income multiplied in 6 years to Rs54,268 crore: CAG

The income of Pune-based stud farm owner Hasan Ali Khan multiplied by over 100 times in six years from Rs529 crore to Rs54,268 crore in 2006-07, reveals CAG report tabled in Parliament today.

Khan, who is presently in the custody of the Enforcement Directorate, has not filed returns for several years despite earning crores, the comptroller and auditor general of India (CAG) said.

His taxable income, according to the assessment made by Income Tax Authorities, jumped from Rs528.9 crore in 2001-02 (assessment year) to Rs5404.7 crore in 2002-03. Thereafter, it soared to Rs54,268.6 crore in 2006-7.

The report further said that Hasan Ali did not file income tax returns for five assessment years from 2001-02 to 2003-04 and 2005-07.

However, he filed the tax returns for these years in May 2007 after IT notice following search operations.

The CAG also said, "While computing his tax liability for the AYs (assessment year), the (IT) department levied interest of Rs706.1 crore instead of Rs4,056 crore for default in furnishing returns and Rs10,033.3 crore instead of Rs9,756.9 crore for default in payment of advance tax".

The report said in 2008-09 out of Rs2 lakh crore that remained uncollected, "one group namely Hasan Ali alone accounted for Rs71,874 crore of uncollected demand".

Hasan Ali, 53, yesterday surrendered before the ED after the Supreme Court cancelled his bail and remanded him to four days' ED custody.