Ambani family allegation of tax evasion of 420 crs
Anil Ambani's new trouble, the allegation of tax evasion of Rs 420 crore, notice issued
The Income Tax Department alleges that anil ambani has deliberately not paid taxes. According to the allegation, anil ambani deliberately did not give details of bank accounts and financial interests abroad to the authorities.
reliance Group's chief Anil Ambani's troubles are not taking the name of lessening. In the latest case, the Income Tax Department has issued notice to Anil Ambani. The notice pertains to alleged tax evasion of Rs 420 crore under the Black Money Law. According to news agency PTI, this tax is related to an unaccounted amount of more than Rs 814 crore kept in two bank accounts in Switzerland.
The Income Tax Department alleges that anil ambani has deliberately not paid taxes. According to the allegation, anil ambani deliberately did not give details of bank accounts and financial interests abroad to the authorities. The department has sought a reply from anil ambani on the allegations by august 31. However, there is no response from anil ambani or reliance Group on this issue yet.
The department said that a case is made out against anil ambani under sections 50 and 51 of the Black Money (Undisclosed Foreign Income and Imposition of Assets) Tax Act, 2015. It carries a maximum sentence of 10 years with a fine.
According to a notice from the Income Tax Department, tax officials found that Ambani was a financial contributor as well as a beneficial owner of the Bahamas-based entity Diamond Trust and another company, Northern Atlantic Trading Unlimited (NATU). NATU was formed in the british Virgin Islands (BVI).
The Income Tax Department said in the notice, "It is clear from the evidence available that you (Ambani) are the economic contributor as well as the beneficiary owner in the foreign trust Diamond Trust. The company is the beneficial owner of DreamWorks Holding Inc.'s bank account, NATU, and PUSA. Therefore, the money/property available with the above institutions belongs to you.