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."
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