By S A Ishaqui
Hyderabad, Feb 26: The AP High Court on Thursday directed the state government to submit a report on action it has initiated on the alleged large-scale evasion of registration fee and stamp duty by various banking institutions in collusion with the beneficiaries of house loans by concealing real value of the property.
A writ petition brought to the notice of the court stated that hundreds of crores of rupees of stamp duty have been evaded by these institutions and individual by fraudulent methods.
Mr Rakesh Sanghi, a practising advocate, filed the petition stating that the vigilance and enforcement departments conducted an inquiry of these fraudulent transactions based on a complaint submitted by him in 2006.
Mr Bojja Tarakam, senior counsel for the petitioner told a division bench comprising the Chief Justice, Mr Anil R. Dave and Justice Ramesh Ranaganathan that the inquires by the vigilance department established largescale evasion of registration fee and stamp duty.According to the vigilance report, beneficiaries of home loans from various banks have been found evading stamp duty, registration charges, income tax and capital gain tax, thereby causing loss of crores of rupees to the exchequer.
The Chief Justice asked the petitioner’s counsel that the sale agreement is supposed to be registered with the registration department. How can a bank entertain an unregistered sale agreement to extend loan to an applicant, he questioned.
Mr Tarakam told the court that the V&E department recommended he government to take action against persons responsible for such acts.
The petitioner urged the court to direct the CBI to probe into the matter.
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