Anil Ambani will be prosecuted under the Black Money Act for evading tax of Rs 420 crore
The Income Tax Department has issued a prosecution notice to Anil Ambani, chairman of Reliance Anil Ambani Group, for having secret money in two Swiss bank accounts.
Along with this, the Income Tax Department has sought prosecution of Anil Ambani under the Black Money Act on charges of tax evasion of Rs 420 crore in the case of undeclared money of more than Rs 814 crore kept in two Swiss accounts.
According to the Income Tax Department, Anil Ambani knowingly did not disclose his foreign bank account details and financial interests to the Indian tax authorities. In this case, the department had issued a show cause notice to 63-year-old Anil Ambani in early August.
The department said that in this case, Anil Ambani can be tried 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 rigorous imprisonment with fine. Anil Ambani has been asked to reply in the matter by August 31.
There is no response from Anil Ambali in this matter so far. According to the Income Tax Department, Anil Ambani has been accused of tax evasion by keeping undeclared assets in foreign banks between the assessment year 2012-13 to 2019-20? PLC/GT
