Skip to content

Business2Communities

Communities of Excellence

Primary Menu

Business2Communities

  • Digital
  • Marketing
  • Business
  • Entertainment
  • Technology
  • World News
  • BrandViews
  • Home
  • other
  • I-T dept issues prosecution notice to Anil Ambani for holding secret funds in 2 Swiss bank accounts – Times of India
  • other

I-T dept issues prosecution notice to Anil Ambani for holding secret funds in 2 Swiss bank accounts – Times of India

Business 2 Community August 23, 2022
I-T dept issues prosecution notice to Anil Ambani for holding secret funds in 2 Swiss bank accounts - Times of India

[ad_1]

NEW DELHI: The income tax department has sought to prosecute Reliance Group chairman Anil Ambani under the Black Money Act for allegedly evading Rs 420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has charged Ambani, 63, with “wilful” evasion, saying he “intentionally” did not disclose his foreign bank account details and financial interests to Indian tax authorities.
A show cause notice in this context was issued to Ambani early this month.
The department said he was liable to be prosecuted under Sections 50 and 51 of the Black Money (undisclosed foreign income and assets) Imposition of Tax Act of 2015 that stipulates a maximum punishment of 10 years imprisonment with a fine.
It has sought his response to the charges by August 31.
Ambani’s office had not responded to a query sent on the matter till the time of this story being filed.
The businessman has been charged with evading tax, by way of holding undisclosed assets abroad, for the assessment years 2012-13 to 2019-20.
According to the notice, a copy of which was accessed by PTI, tax officials found that Ambani was an “economic contributor as well as beneficial owner” of a Bahamas-based entity called ‘Diamond Trust’ and another company called Northern Atlantic Trading Unlimited (NATU) which was incorporated in the British Virgin Islands (BVI).
In the case of the Bahamas trust, the department found it had a company called Dreamwork Holdings Inc. This firm was the owner of a Swiss bank account, which had a peak balance of USD 32,095,600 (USD 3.2 crore) as on December 31, 2007.
The notice said the trust got initial funding of $25,040,422. The department alleged that the “source of funding” for this was from Ambani’s “personal account”. It found that Ambani gave his passport as the KYC document for the opening of this trust in 2006. The beneficiaries of this trust were his family members too.
The BVI company, incorporated in July 2010, has an account in Bank of Cyprus, Zurich. The department claimed Ambani was the “ultimate beneficial owner” of this company and the funds that it has.
The company is also alleged to have received USD 10 crore in 2012 from a Bahamas registered entity called PUSA, whose “settlor and beneficial owner” is stated to be Ambani, as per the department.
“From the evidence available, it is obvious that you are the economic contributor as well as beneficial owner of the foreign trust Diamond Trust, the bank account of underlying company Dreamworks Holding Inc, settlor and beneficial owner of NATU and PUSA. Therefore, the funds/assets available with the above entities belong to you,” the department said.
The department alleged that Ambani “failed to disclose” these foreign assets in his income tax return (ITR) filings and hence contravened the provisions of the Black Money Act, brought by the Modi government soon after it was first elected to power in 2014. Tax officials said such “omission was not bona fide in nature and is intentional”.
“Thus, you have wilfully attempted to evade tax, penalty or interest chargeable or imposable under this Act (Black Money) on the undisclosed foreign asset….since you have wilfully attempted to evade tax you are liable to be prosecuted under section 51 of the Black Money Act, 2015,” the order said.
The total value of the undisclosed funds in the two accounts has been assessed by tax officials at Rs 814 crore and tax payable on this amount at Rs 420 crore.



[ad_2]

Source link

Post Navigation

Previous After wheat, retail price of rice rises 6.31% on supply concerns – Times of India
Next India forced Twitter to put agent on payroll, whistleblower says – Times of India

More Stories

Das: Macro conditions have improved since Aug policy - Times of India
  • other

Das: Macro conditions have improved since Aug policy – Times of India

Business 2 Community September 6, 2022
India's coal output remains below estimate at 58 MT in August - Times of India
  • other

India’s coal output remains below estimate at 58 MT in August – Times of India

Business 2 Community September 5, 2022
Cyrus Mistry: Soft-spoken, easy-going, Cyrus Mistry was youngest to head Tata Group | India Business News - Times of India
  • other

Cyrus Mistry: Soft-spoken, easy-going, Cyrus Mistry was youngest to head Tata Group | India Business News – Times of India

Business 2 Community September 5, 2022

Recent Posts

  • Why Chennai is the Best Place for Saudi Apostille?
  • Key Authorities Involved in Certificate Attestation for Qatar!
  • Benefits of Hiring Agencies for Certificate Attestation Services!
  • How to Get Certificate Attestation in Bangalore for UAE?
  • Guide to get Embassy Attestation for Kuwait in states of India

Recent Comments

    Archives

    • April 2025
    • March 2025
    • February 2025
    • September 2023
    • May 2023
    • April 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • April 2020
    • March 2020
    • February 2020
    • January 2020
    • December 2019
    • November 2019
    • October 2019
    • September 2019
    • August 2019
    • July 2019
    • June 2019
    • May 2019
    • April 2019
    • March 2019
    • February 2019
    • January 2019
    • December 2018
    • November 2018
    • October 2018
    • September 2018
    • August 2018
    • July 2018
    • June 2018
    • May 2018
    • April 2018
    • March 2018
    • February 2018
    • January 2018
    • December 2017
    • November 2017
    • October 2017
    • September 2017
    • August 2017
    • July 2017
    • June 2017
    • May 2017
    • April 2017
    • March 2017
    • February 2017
    • January 2017
    • December 2016
    • November 2016
    • October 2016
    • September 2016
    • August 2016
    • July 2016
    • June 2016
    • May 2016
    • April 2016
    • March 2016
    • February 2016
    • October 2012
    • September 2012
    • August 2012
    • July 2012
    • June 2012
    • May 2012
    • April 2012
    • March 2012
    • February 2012
    • January 2012
    • December 2011
    • November 2011
    • October 2011
    • September 2011
    • August 2011

    Categories

    • Automotive
    • Beauty
    • BrandViews
    • Business & Finance
    • BusinessCareers
    • Career
    • Digital & Social
    • Economics
    • Education
    • Entertainment
    • Fashion
    • Finance
    • Fitness
    • Health
    • hunting
    • IN & World News
    • Law
    • Life & Entertainment
    • other
    • Photography
    • Political
    • Sales & Marketing
    • SEO
    • Technology & Innovation
    • Travel
    • Wedding
    Trending Girls Dress

    [wp-referral-code var="ref_code"]

    You may have missed

    TAMAR#17-TA
    • Law

    Why Chennai is the Best Place for Saudi Apostille?

    Business 2 Community April 22, 2025
    Key Authorities Involved in Certificate Attestation for Qatar!
    • Law

    Key Authorities Involved in Certificate Attestation for Qatar!

    Business 2 Community March 4, 2025
    Certificate Attestation Services!
    • Law

    Benefits of Hiring Agencies for Certificate Attestation Services!

    Talent_Attestation February 27, 2025
    TAOCT24#15-TA
    • Law

    How to Get Certificate Attestation in Bangalore for UAE?

    Talent_Attestation February 27, 2025
    TAOCT24#16-TO
    • Travel

    Guide to get Embassy Attestation for Kuwait in states of India

    Business 2 Community February 27, 2025
    gacorway
    gacorway login
    Situs MPO
    Gacorway Online
    Gacorway Login royalmpo
    gacorway
    gacorway
    gacorway
    gacorway
    gacorway
    gacorway daftar
    BERITA MAHJONG WAYS BERITA DANA GAMPANG GATE OF OLYMPUS PGSOFT MAHJONG RTP SLOT777 MAHJONG RTP PGSOFT MAHJONG RTP PERMAINAN SLOT MAHJONG WINS GACORWAY PERMAINAN STRATEGI MAHJONG WINS GACORWAY PERMAINAN ARCADE MAHJONG WINS GACORWAY PERMAINAN STRATEGI MAHJONG WINS GACORWAY PERMAINAN SLOT MAHJONG WINS GACORWAY PERMAINAN HP MAHJONG WINS GACORWAY PERMAINAN SLOT MAHJONG WINS GACORWAY PERMAINAN TABLET MAHJONG WINS GACORWAY PERMAINAN PC MAHJONG WINS GACORWAY PERMAINAN STRATEGI MAHJONG WINS GACORWAY MAHJONG WAYS HIJRAH MAHJONG WAYS KISAH MAHJONG WAYS PETUALANGAN MAHJONG WAYS BERHASIL MAHJONG WINS MEMAHAMI
    • Home
    • About Us
    • Disclaimer
    • Editorial Guidelines
    • Terms of Use
    • Contact us
    • fb
    • tw
    • link
    • insta
    • yout
    Copyright © All rights reserved. | CoverNews by AF themes.