Bombay high court relief for Anil Ambani in Rs 420 crore tax evasion case
2 years, 2 months ago

Bombay high court relief for Anil Ambani in Rs 420 crore tax evasion case

India Today  

The Bombay high court has asked the Income Tax department not to take any coercive action against businessman and Reliance group Chairman Anil Ambani under the Black money Act. The I-T department had sought to prosecute Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. Ambani’s lawyer, Rafique Dada, said the show cause notice issued by the department was based on unsubstantiated, patently false, and frivolous allegations against Ambani which relate back to the year 2006-2007. There has to be a speaking order, they can’t just take action.” Dada further submitted “this action is only for twisting my arm and getting the money out.” Advocate Akhileshwar Sharma representing the Tax department said that the judgements being sought by Dada is under the Benami act while the action undertaken by the department is under the BM act.

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History of this topic

Initiation Of Prosecution U/S 51 Of Black Money Act Not Dependent On Completion Of Assessment Proceedings U/S 10 For Tax Evasion: Delhi HC
1 month, 1 week ago

Initiation Of Prosecution U/S 51 Of Black Money Act Not Dependent On Completion Of Assessment Proceedings U/S 10 For Tax Evasion: Delhi HC

Live Law  

The Delhi High Court has held that initiation of prosecution under Section 51 of the Black Money Act, 2015 is not dependent on completion of assessment proceedings initiated against an accused under Section 10 to determine tax evasion. It is relevant to note that the assessment under the Black Money Act is being made under Section 10, which falls in …

₹2,000-crore ‘scam’: Ex-minister Ashu in judicial custody
4 months, 1 week ago

₹2,000-crore ‘scam’: Ex-minister Ashu in judicial custody

Hindustan Times  

The additional sessions court here on Monday sent former Punjab food and civil supplies and consumer affairs minister Bharat Bhushan Ashu to judicial custody in connection with an alleged ₹2,000-crore foodgrain transportation-linked money-laundering case. Bharat Bhushan Ashu Ashu, who was arrested by the ED on August 1, had been in the central agency’s custody since August 2. In August last …

163 Black Money Act probes conducted in 9 years
4 months, 2 weeks ago

163 Black Money Act probes conducted in 9 years

Hindustan Times  

In the last nine years, there have been 163 investigations and assessment orders passed in 652 cases raising an aggregate demand of ₹17,162 crore under the Black Money Act, the Centre informed Parliament on Tuesday. In a written reply, Union minister of state for finance Pankaj Chaudhary said in Rajya Sabha: “As on March 31, 2024, orders u/s 10/10 of …

India launched 163 probes under Black Money Act in 9 years: Centre informs Parliament
4 months, 2 weeks ago

India launched 163 probes under Black Money Act in 9 years: Centre informs Parliament

Hindustan Times  

India has launched 163 investigations and passed assessment orders in 652 cases, raising a demand of ₹17,162 crore in last nine years under the Black Money Act, the Centre informed the Parliament on Tuesday. In a written reply, Union minister of state for finance Pankaj Chaudhary said in Rajya Sabha, “As on March 31, 2024, orders u/s 10/10 of the …

I-T department raised tax demand in 2021 but you did not act, Delhi High Court tells Congress
9 months, 1 week ago

I-T department raised tax demand in 2021 but you did not act, Delhi High Court tells Congress

The Hindu  

The Delhi High Court on Tuesday reserved its judgment on the Congress’s plea challenging an order of the Income Tax Appellate Tribunal that refused to stay a notice issued by the Income Tax department for recovery of outstanding dues of more than ₹100 crore. ‘Balanced view’ The High Court, however, told the Congress’s counsel that though the tax demand was …

Arms dealer Bhandari flouted Black Money Act, says tribunal
1 year, 4 months ago

Arms dealer Bhandari flouted Black Money Act, says tribunal

Hindustan Times  

An appellate tribunal in Delhi has ruled that fugitive arms dealer Sanjay Bhandari created assets in London and Dubai, which he didn’t disclose to the income tax authorities to evade tax, violating the black money act of 2015. “In the instant case, Bhandari indulged in evasion of tax under Section 3 and 4 of the act of 2015,” the judgement …

Tax Cases Weekly Round-Up: 13 November To 19 November 2022
2 years, 1 month ago

Tax Cases Weekly Round-Up: 13 November To 19 November 2022

Live Law  

Supreme Court Sec.194H Income Tax Act Attracted For 'Supplementary Commission' Earned By Travel Agents ; Airlines Liable To Deduct TDS : Supreme Court Case Title: Singapore Airlines Ltd. vs C.I.T., Delhi Citation: 2022 LiveLaw 959 The Supreme Court held that Section 194H of the Income Tax Act is attracted in the case of Supplementary Commission amounts earned by the travel …

Bombay HC Stays IT Dept's Prosecution Notice To Anil Ambani Over Alleged Secret Funds In Swiss Bank Accounts
2 years, 2 months ago

Bombay HC Stays IT Dept's Prosecution Notice To Anil Ambani Over Alleged Secret Funds In Swiss Bank Accounts

Live Law  

The Bombay High Court on Monday granted interim relief to Reliance ADA Group chairman Anil Ambani and restrained the Income Tax Department from acting on a prosecution notice issued to him for alleged non-disclosure of money in two Swiss Bank Accounts amounting to approximately Rs. The show cause notices were issued on August 8, 2022, under sections 50 and 51 …

I-T department detects Rs 300 crore black money after raiding 2 Chennai financing groups
3 years, 2 months ago

I-T department detects Rs 300 crore black money after raiding 2 Chennai financing groups

India TV News  

The Central Board of Direct Taxes on Saturday claimed that the Income Tax Department has detected "unaccounted" income of over Rs 300 crore after it raided two private syndicate financing groups in Chennai. "The searches, so far, have resulted in the detection of undisclosed income of more than Rs 300 crore and unaccounted cash of Rs 9 crore has been …

Court Issues Summons to Sanjay Bhandari in Money Laundering Case, Asks ED to Expedite Extradition
4 years, 2 months ago

Court Issues Summons to Sanjay Bhandari in Money Laundering Case, Asks ED to Expedite Extradition

News 18  

A special PMLA court has issued summons to alleged defence middleman Sanjay Bhandari and asked the Enforcement Directorate to expedite the process of his extradition, the central agency said on Friday. The special judge at Rouse Avenue Court here said, "Issued summons to the accused persons and directed the ED to expedite the process of extradition against Sanjay Bhandari pending …

HC Seeks Centre, SBI Stand on Anil Ambani's Plea to Include Chinese Banks in Insolvency Proceedings
4 years, 2 months ago

HC Seeks Centre, SBI Stand on Anil Ambani's Plea to Include Chinese Banks in Insolvency Proceedings

News 18  

New Delhi: The Delhi High Court on Monday sought the Centre and SBI's reply to former RCom chairman Anil Ambani's plea to include the Chinese banks, which have got a decree of USD 717 million against him from a court in United Kingdom, in the proceedings here related to recovery of Rs 1200 crore loan granted to two of his …

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