IT sends Rs 1,700 crore tax notice to Congress after HC rejects declaration | India News | Trending Viral hub

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Photo: YouTube screenshot.

Photo: YouTube screenshot.

The Congress party on Thursday claimed that the Income Tax (IT) department had given notice of nearly Rs 1,700 crore, including penalty and interest, for the assessment years 2017-18 to 2020-2021. The move came hours after the Delhi High Court rejected his appeal challenging the re-evaluation procedures of the four-year assessment.

TI’s notice will add to the concerns of the national party, which has claimed that it is already facing a liquidity crisis due to frozen bank accounts, right on the cusp of the Lok Sabha elections.

According to media reports, Congress lawyer and Rajya Sabha MP Vivek Tankha confirmed the notices and said the INC will challenge them further, calling them “undemocratic and unreasonable”.

Reports suggest that the tax department has already recovered Rs 135 crore from the Congress bank accounts in Delhi towards tax and interest arrears for the assessment year 2018-19.

A bench comprising Justices Yashwant Varma and Purushaindra Kumar Kaurav cited its earlier decision and refused to interfere with the opening of the reassessment proceedings for another period. The court said the reasoning of the previous verdict (2014-15 to 2016-17) applied to the latest petition as well.

In the earlier petition, which was dismissed last week, the Congress party challenged the initiation of reassessment proceedings for assessment years 2014-15 to 2016-17.

The Delhi HC rejected the petition and observed that the I-T department had presented “substantial and concrete” evidence warranting further scrutiny and examination. The tax department had argued that around Rs 520 crore had allegedly escaped assessment during these three years.

The tax authority has reportedly claimed that during its searches at entities, including some allegedly linked to Karnataka Deputy Chief Minister DK Shivakumar and a company in Surat, cash transactions involving the Congress were also revealed. The IT department cited it as a violation to allow tax exemptions available to political parties.

First published: March 29, 2024 | 11:06 am IS

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