The Bombay High Court has given a big relief to Reliance Group Chairman Anil Ambani in the case of tax evasion of Rs 420 crore. The court has asked the Income Tax Department not to take strict action against Anil Ambani till November 17.
The Bombay High Court on Monday directed the Income Tax Department not to take any coercive action till November 17 on a show cause notice seeking prosecution of Reliance Group Chairman Anil Ambani under the Black Money Act.
On August 8, 2022, the Income Tax Department issued notice to Ambani for allegedly evading tax of Rs 420 crore on undisclosed money of over Rs 814 crore held in two Swiss bank accounts. The department has accused 63-year-old Anil Ambani of "deliberate" theft, saying he has not disclosed details of his foreign bank account and his financial interests to the Indian tax authorities.
According to the department's notice, Ambani can be prosecuted under sections 50 and 51 of the Black Money (Undisclosed Foreign Income and Assets) Tax Act 2015, which provides for a maximum sentence of 10 years imprisonment with a fine. Ambani had earlier this month approached the Bombay High Court challenging the notice, which claimed that the Black Money Act was invoked in 2015 and the alleged transactions pertain to assessment years 2006-2007 and 2010-2011. Senior advocate Rafiq Dada, appearing for Ambani, submitted that the provisions of the Act cannot have a retrospective effect.
On the other hand, Advocate Akhileshwar Sharma, appearing for the Income Tax Department, sought time to respond to the petition. A division bench of Justice SV Gangapurwala and Justice RN Laddha allowed this and fixed November 17 for a hearing on the petition.
The court also said during this time, "The Income Tax Department will not take any coercive action under the show cause notice against the petitioner (Ambani) till the next date."
Imran Khan: 'Yes I was a Playboy', why did former Pak PM say this to General Bajwa at a party?
Ex-Army Chief called Imran Khan Playboy: Former Prime Minister of Pakistan Imran Khan has now come down to expose Pakistan. Saying this because Imran Khan himself has disclosed about former Army Chief
Akshay Oberoi: 'Fighter will be more powerful than Shahrukh's 'Pathan'...', actor Akshay Oberoi's big claim
Bollywood actors Hrithik Roshan and Deepika Padukone are going to be seen sharing the screen for the first time in the film 'Fighter'. After the success of 'Pathan', people are now expecting a lot
Bharat Jodo Yatra: The wrong song played instead of the national anthem in Rahul's presence, Congress leaders targeted by trolls
A video of a wrong song being played instead of the national anthem at an event of Rahul Gandhi's Bharat Jodo Yatra in Maharashtra's Wasim on Wednesday went viral. BJP leaders blamed Rahul Gandhi and
IND vs AUS: When Kohli got a lease of life, Ashwin was surrounded by superstition, he stood in one place throughout the match, and said this
India defeated Australia by six wickets in their first match of the World Cup 2023. With this victory, Rohit Sharma's team has made a winning start. However, after Australia was bundled out for 199,
The curtain lifted from the look of Motorola Edge 40, the new smartphone is being launched in India on this day
Electronic company Motorola is going to give the gift of a new smartphone to its users very soon. Yes, a new update has come out regarding the company's upcoming smartphone Motorola Edge 40. If you
'Protecting the global economy from risk' is the main concern of G-20, Jaishankar said - The government has taken steps to reduce inflation
External Affairs Minister S Jaishankar said that the main concern of the G-20 would be to find ways to protect the global economy from risks. Jaishankar addressed a program organized here on Sunday on
Raj Kundra: 'She won't work with me', Raj Kundra reacts on working with wife Shilpa Shetty
Bollywood actress Shilpa Shetty's husband Raj Kundra is also ready to enter the world of acting like his wife. He will be seen in an important role in the film 'UT 69'. The trailer of the film has
Zombie Drug: People becoming zombies due to the effect of this drug! The increased danger in many cities in America, the government worried
Often you must have seen in Hollywood movies, in which people become zombies after coming in contact with some mysterious virus and start looking like ghosts. Now this is happening in reality. In
IND vs ENG: Shubman Gill took an incredible catch by running backward, fans remembered Kapil Dev
The last match of the five-match Test series between India and England (IND vs ENG 5th Test) is being played in Dharamshala. On the first day of this match, the Indian team's star Shubman Gill got
Growth Rate: India to register 7 percent growth in 2022-23, claims EAC-PM amid fears of global recession
While economists around the world are expressing the possibility of a global recession, on the other hand, Sanjeev Sanyal, a member of the Prime Minister's Economic Advisory Council (EAC-PM), has made