Anil Ambani gets HC relief in black money case

A show cause notice was issue to Anil Ambani under the Foreign Black Money Act for non-disclosure of assets worth Rs 814 crore. The notice also accused Anil Ambani of tax evasion of Rs 420 crore. 

Published: 27th September 2022 09:26 AM  |   Last Updated: 27th September 2022 09:26 AM   |  A+A-

Anil Ambani

By Express News Service

NEW DELHI: In a relief to Reliance ADA Group chairman Anil Ambani, the Bombay High Court on Monday restrained the income tax department from taking any action till November 17 on a prosecution notice issued against Ambani in a black money case.

A show cause notice was issue to Anil Ambani under the Foreign Black Money Act for non-disclosure of assets worth Rs 814 crore. The notice also accused Anil Ambani of tax evasion of Rs 420 crore. The show cause notice was issued in August this year.

According to the income tax department’s notice, Ambani was a beneficial owner of a Bahamas-based entity Diamond Trust and a British Virgin Island-based company North Atlantic Trading Unlimited. I-T notice has alleged that Ambani failed to disclose these foreign assets in his income tax returns, hence violated the Foreign Black Money Act. Under the Act, such non-disclosures are liable to a maximum punishment of 10-years of imprisonment.

The counsel representing Ambani argued in the court that the Foreign Black Money Act came into force in 2015, while the said transactions took place between 2006-07 and 2010-11, and questioned the applicability of the law on those transactions.

The court, while noting that several petitions regarding the retrospective applicability of the law were pending before many HCs, asked the I-T department to respond to the petioner’s contention on retrospective applicability of the law. 



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp