High court has given relief to Anil Ambani...
The bombay high court has given great relief to anil ambani in the case of tax evasion. The bombay high court has directed the Income Tax Department not to take any action against anil ambani till november 17. This order has been given to reliance Group Chairman Anil on a show-cause notice received on august 8 from the IT Department under the Black Money Act. Income Tax officials allege that anil ambani has evaded tax of about Rs 420 crore on an undisclosed amount of more than Rs 814 crore in two swiss bank accounts.
Intentional tax evasion
The Income Tax Department has accused 63-year-old anil ambani of deliberate tax evasion. The department says that Anil has knowingly not given details of foreign bank accounts and financial interest to the indian tax authorities.
According to the department's notice, Ambani can be prosecuted for this tax evasion under sections 50 and 51 of the Black Money (Undisclosed Foreign Income and Assets) Tax Act, 2015, the maximum punishment of which is fine and 10 years imprisonment.
Ambani had challenged the notice in the High Court
Anil Ambani had challenged the notice in the high court earlier this month. Ambani says the Black Money Act was enacted in 2015, while the transactions declared under tax evasion pertain to the 2006-07 and 2010-2011 financial years. Senior advocate Rafiq Dada, appearing for Ambani, told the court that the provisions of the law do not have the power to have retrospective effect (affecting transactions prior to the commencement of the law). Advocate Akhileshwar Sharma, appearing for the Income Tax Department, urged the high court to give time to respond to Ambani's plea.
