Madras HC allows Income Tax department to proceed against Karti Chidambaram under Black Money Act

The Madras High Court has allowed the Income Tax department to proceed against Karti Chidambaram and others under the black money act. According to reports, the Madras HC on Thursday granted permission to the I-T department to probe Karti and other directors of the Chess Global Advisory Ltd under the act.

The HC bench comprising Justices V Bharatidasan and N Sheshasayee, however, has reportedly directed the Principal Director of Income -Tax (investigations) to let Karti Chidambaram and the others have a proper opportunity to present their case. The HC bench was hearing a petition filed by Karti and the other directors of the company against a show cause notice issued by the I-T department to them on April 13th. The bench has reportedly posted the matter to June 5th for further hearing.

According to reports, Karti and the other petitioners had also filed another petition challenging the validity of section 50 of the black money act mentioned in the show cause notice against them. The section 50 of the black money act concerns undisclosed foreign assets and income. The Principal Director of the I-T department reportedly had issued a show cause notice to Karti and the others asking why prosecution should not be sanctioned against them under the said act. The alleged undisclosed incomes and assets are related to the investments made by the concerned individuals through the company to Totus Tennis Ltd of UK and Nano Holdings LLC of the US. The petitioners had claimed that the I-T department has issued them the notice despite all the investments, remittances and holdings being disclosed in their I-T returns.

- Advertisement - - Article resumes -

The petitioners had reportedly argued that the black money act can be warranted only if there are ‘undisclosed assets and incomes’. The HC bench in its order has reportedly asked the principal director of I-T to file a counter and proceed with any inquiry or take a decision exercising his powers under the section 55(1) of the black money act.

It is notable here that Karti is already facing probe and is currently on bail in the INX Media case and also under probe in the Aircel-Maxis case. On May 2nd, Delhi’s Patiala House Court had extended his interim protection from arrest till July 10.


Share This Post and Support:
We need your support to survive in the media industry. Please consider paying us for the content we produce:

To know more about these payments, please click here.


Most read articles recently

Pakistanis get scared about attack by India after seeing their own Air Force fighter jets flying over civilian areas

Several people posted on social media that India has dropped bombs over Sialkot in Pakistan
Locals even pelted stones at injured jawans

Pulwama attack: Women, children in Kashmir ferried expensive military grade RDX in small quantities for months

The trigger for the explosive was manufactured locally and that ammonium nitrate was used as an oxidizer in the RDX explosive. The military grade RDX was obtained from Pakistan and the device was assembled around 10 km from the blast site.

Congress deletes video where Rahul Gandhi was seen dancing shortly after the Pulwama attack

After Congress' lies against the Prime Minister were exposed, Congress proceeded to delete the tweet where Rahul Gandhi was seen dancing after the Pulwama terror attack.
Image Source: Twitter

Fearing India’s retaliation, Pakistan cancels leaves of its troops, uses flares to light up night sky to see movement of Indian troops

Pakistani administration has asked people to stay in underground bunkers, which could protect them from shelling or any form of attacks which could come from the other side of the border.

Waters of 3 rivers flowing into Pakistan will be diverted to Yamuna as per Indus Water Treaty: Nitin Gadkari

Nitin Gadkari had said that dams and other developmental projects are being conceptualised on the 3 rivers will choke Pakistan’s water supply

This is why Neena Gupta wants no one to wish Pritish Nandy even a Happy Birthday

Pritish Nandy 'stole' Masaba's birth certificate and printed in his magazine without Neena Gupta's permission

After Ajaz Ashraf of Caravan reduced martyrs to their caste, he shouldn’t play victim when he is reduced to his religion

In his report, Ajaz Ashraf says quite clearly that he called the martyrs of the family to in their moment of unimaginable tragedy to inquire about their caste.

Congress workers used to do booth capturing for me and my father when there was no EVM : Congress leader Kirti Azad

Kirti Azad was suspended from the Bharatiya Janata Party in 2015 after he accused senior BJP leader Arun Jaitley of Corruption.
Image Source: The Week

Mandya: Actor-turned-politician Prakash Raj attends funeral of Pulwama martyr, villagers expose his hypocrisy towards Armed Forces

Prakash Raj, a left wing ideologue, who is often known for joining hands with the left-liberals to express their hate towards Hindus and the BJP, has plans to contest in the upcoming elections from Bengaluru Central Lok Sabha constituency.
Pakistan's government acts as a subordinate of its military and Islamic fundamentalists

It appears Pakistan is scared of India: Masood Azhar’s veiled threat to Imran Khan against any govt action

Masood Azhar said in his weekly address, ''Pakistan's response to Indian Prime Minister Narendra Modi's threats post Pulwama was rather lukewarm and lacklustre. It appears Pakistan is scared of India.''

Latest articles

Connect with us

138,439FansLike
111,361FollowersFollow
23,505SubscribersSubscribe

Don't miss these