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The Revenue Tax (IT) division has served a recent discover of Rs 1,700 crore to the Congress for discrepancies in tax returns for earlier years, dealing one other blow to the cash-strapped occasion forward of the Lok Sabha polls, sources stated at present (March 29).
The tax penalties together with curiosity relate to discrepancies in tax returns for years 2017-18 to 2020-21, the sources stated. The recent discover was acquired earlier this week. The Congress is already going through a funds crunch after Revenue Tax authorities imposed a penalty of Rs 210 crore and froze its funds.
The occasion has not acquired any aid from the Excessive Court docket within the case and is more likely to transfer the Supreme Court docket. Congress has accused the BJP of compacting it financially and of utilizing tax authorities towards it forward of Lok Sabha elections starting April 19.
Delhi HC dismisses pleas towards tax reassessment proceedings
The Delhi Excessive Court docket on Thursday (March 28) rejected petitions by the Congress difficult the initiation of tax reassessment proceedings towards it for a interval of 4 years by tax authorities. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav stated the pleas had been dismissed by way of its earlier choice refusing to intrude with the opening of reassessment for an additional interval.
The current matter pertained to evaluation years 2017 to 2021. Within the earlier petition, which was dismissed final week, the Congress occasion had challenged initiation of reassessment proceedings pertaining to evaluation years 2014-15 to 2016-17. On March 22, the excessive courtroom had, whereas rejecting these pleas, stated that the tax authority had prima facie collated “substantial and concrete” proof warranting additional scrutiny and examination.
It had, nonetheless, left open the query as as to whether the delay in graduation of proceedings could be deadly to the evaluation. In that petition, the Congress had contended that motion underneath Part 153C (evaluation of earnings of every other particular person) of Revenue Tax Act was based mostly on searches which had been carried out on 4 people in April, 2019, and was barred by limitation.
It stated that on the idea of the fabric which was gathered in these searches, the assessing officer additionally drew corresponding satisfaction notes for initiation of proceedings towards the Congress. The I-T division had, nonetheless, asserted there was no violation of any statutory provision by the tax authority and that as per the fabric recovered, the “escaped” earnings of the occasion is greater than Rs 520 crore.
Not too long ago, the excessive courtroom had additionally refused to intrude with the order of the Revenue Tax Appellate Tribunal declining to remain a discover issued by the Revenue Tax division to the Congress for restoration of excellent tax of greater than Rs 100 crore. The assessing officer had raised a tax demand of greater than Rs 100 crore for the evaluation 12 months 2018-19 when the earnings was assessed to be greater than Rs 199 crore.
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