Mumbai, September 26
The Bombay High Court on Monday directed the Income Tax Department not to take any coercive action against Reliance Group Chairman Anil Ambani till November 17 on a show-cause notice issued to him seeking to prosecute him under the Black Money Act.
Prosecution under Black Money Act
- The I-T Department has charged Anil Ambani with “wilful” evasion, saying he “intentionally” did not disclose his foreign bank account details
The I-T Department had issued the notice to Ambani on August 8, 2022 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.
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