Anil Ambani knowingly did not disclose his foreign bank account details and financial interests to Indian tax authorities
The Bombay High Court has directed the Income Tax Department not to take any coercive action against Reliance Group Chairman Anil Ambani till November 17. The Income Tax Department had sent a notice to Ambani under the Black Money Act asking why he should not be prosecuted. On August 8, 2022, the Income Tax Department had issued notice to Ambani on undeclared money of over Rs 814 crore held in two Swiss bank accounts and alleged that he had allegedly evaded tax of Rs 420 crore. The department has accused Ambani of tax evasion, saying that he deliberately did not disclose his foreign bank account details and financial interests to the Indian tax authorities.
Ambani had earlier this month approached the court challenging the notice, which claimed that the Black Money Act was invoked in 2015, while the alleged transactions date back to 2006-2007 and 2010-2011. Senior advocate Rafiq Dada, appearing for Ambani, submitted that the provisions of the Act cannot be retrospective. Advocate Akhileshwar Sharma, appearing for the Income Tax Department, sought time to respond to the petition. PLCGT
