I-T serves Rs 1,700 crore tax discover to Congress after HC rejects plea | India Information

The Congress social gathering on Thursday claimed that the Earnings Tax (I-T) division had served a discover of almost Rs 1,700 crore, together with penalty and curiosity, for the evaluation years 2017-18 to 2020-2021. The transfer got here hours after the Delhi Excessive Courtroom rejected its enchantment difficult the reassessment proceedings for the 4 evaluation years. 

The I-T discover will add to the concerns of the nationwide social gathering, which has claimed it’s already dealing with a money crunch on the account of frozen financial institution accounts, simply on the cusp of the Lok Sabha elections.

Based on media experiences, Congress lawyer and Rajya Sabha MP Vivek Tankha confirmed the notices and stated that the INC will additional problem the notices, terming it ‘undemocratic and unreasonable’.

Experiences counsel that the tax division has already recovered Rs 135 crore from Congress’ Delhi financial institution accounts in the direction of tax arrears and pursuits for the evaluation yr 2018-19.

A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav cited its earlier resolution and refused to intervene with the opening of reassessment proceedings for one more interval. The bench stated the reasoning for the sooner verdict (2014-15 to 2016-17) utilized to the newest petition as nicely.

Within the earlier petition, which was dismissed final week, the Congress social gathering challenged the initiation of reassessment proceedings pertaining to the evaluation years 2014-15 to 2016-17.

The Delhi HC had rejected the plea, observing that the I-T division had submitted “substantial and concrete” proof that warranted additional scrutiny and examination. The tax division had argued that round Rs 520 crore had allegedly escaped evaluation throughout these three years.

Based on experiences, the tax authority has claimed that in its searches on entities, together with a couple of allegedly linked to the Karnataka Deputy Chief Minister D Okay Shivakumar and an organization in Surat, money transactions involving Congress had been additionally revealed. The I-T division cited it as a violation to allow tax exemptions out there to political events.

First Printed: Mar 29 2024 | 11:06 AM IST