Anil Ambani's money in Swiss bank, Income Tax Department gave notice for tax evasion of 420 crores

Anil Ambani's money in Swiss bank, Income Tax Department gave notice for tax evasion of 420 crores

The Income Tax Department has alleged that Anil Ambani has intentionally evaded tax. According to the department, Ambani did not inform the Indian tax authorities about the amount deposited in the foreign bank account under a well-thought-out strategy. In the show-cause notice issued to Anil Ambani, the Income Tax Department has asked him to respond by August 31.

Reliance Group Chairman Anil Ambani's bad days are not taking the name of ending. Now the black money law is tightening the screws on Anil Ambani. The Income Tax Department has sought permission to prosecute Anil Ambani. The Income Tax Department has made this demand regarding tax evasion of Rs 420 crore on undeclared assets of more than Rs 814 crore in two Swiss bank accounts.

Can be imprisoned up to 10 years

According to a report in the news agency, the Income Tax Department has alleged that Anil Ambani has intentionally evaded tax. According to the department, Ambani did not inform the Indian tax authorities about the amount deposited in the foreign bank account under a well-thought-out strategy. In this regard, a show cause notice was also issued to Anil Ambani in the beginning of August. The department says that Anil Ambani can be prosecuted under sections 50 and 51 of the Black Money (Undisclosed Foreign Income and Assets) Imposition of Tax Act 2015, which provides for a maximum sentence of 10 years of imprisonment with fine.

Accused of knowingly hiding foreign assets

In the notice issued to Anil Ambani, the Income Tax Department has asked him to reply by August 31. When PTI contacted Anil Ambani's office in this regard, there was no response. Ambani is accused of evading tax on undeclared assets kept abroad from assessment year 2012-13 (AY13) to 2019-20 (AY20). According to the notice of the Income Tax Department, the officials found that Ambani is the economic contributor and beneficial owner of Bahamas-based company Diamond Trust and Northern Atlantic Trading Unlimited. Northern Atlantic Trading Unlimited is registered in the British Virgin Islands, a haven for tax evasion.

Income tax department got these details

In the case of the Bahamas-based trust, the Income Tax Department found that it runs a company called Dreamwork Holdings Inc. This company has opened an account in a Swiss bank, in which $ 32,095,600 was deposited on December 31, 2017. According to the notice, the trust had received initial funding of $25,040,422. The department says that this funding was sent from Anil Ambani's personal account. Ambani gave his passport during KYC to open the trust in 2006. His family members are also included in the beneficiaries of this trust.

Anil Ambani will have to pay crores of taxes

At the same time, a company registered in the British Virgin Islands in July 2010 also opened an account in Zurich's Bank of Cyprus. The department says that Anil Ambani is the ultimate beneficial owner of this company and the company's funds. This company received $100 million in 2012 from PUSA, a company registered in the Bahamas. Anil Ambani had settled that fund and was its beneficiary. According to tax officials, the total amount deposited in both the Swiss bank accounts is Rs 814 crore and tax liability of Rs 420 crore is created on this.

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