Lagatar24 Desk
Mumbai, Sept 26: The Bombay high court has asked the Income Tax department on Monday not to take any coercive action against businessman and Reliance group Chairman Anil Ambani under the Black money Act.
I-T department had sought to prosecutet Ambani under the Black Money (BM) Act for allegedly evading taxes on undeclared funds totaling more than Rs 814 crore stored in two Swiss bank accounts by Rs 420 crore. The Assessing Officer issued an Assessment Order under Section 10(3) of the BM Act on March 31, 2022, declaring that Ambani had undeclared foreign assets.
The arguments from both parties were heard by the justices RN Laddha and SV Gangapurwala’s bench. The court decided to grant the relief as the I-T department requested more time to answer to Ambani’s plea.
Bombay HC gives relief to Reliance group chairman Anil Ambani in an alleged Rs 420 crore tax evasion matter. HC has asked the income tax department not to take coercive action against Anil Ambani until 17th November
(File Pic) pic.twitter.com/WNS5TyclDR
— ANI (@ANI) September 26, 2022
On August 8, 2022, Ambani was notified by the I-T department that it intended to prosecute him under sections 50 and 51 of the Black Money (Undisclosed Foreign Income and Assets and Imposition of the Tax Act, 2015).
Rafique Dada, Ambani’s attorney, claimed that the department’s show cause notice was based on baseless, demonstrably untrue, and frivolous charges against Ambani that date back to the years 2006 and 2007. The BM act cannot be invoked because it was not even in effect at the time.
The court adjourned Ambani’s petition for further hearing on Nov 17 for the department to file an affidavit in reply.
