Home News Reports Media baron Raghav Bahl allegedly under ED scanner for undeclared foreign assets, Bahl denies the reports

Media baron Raghav Bahl allegedly under ED scanner for undeclared foreign assets, Bahl denies the reports

Bahl says that every transaction has been fully disclosed and assessed to tax

Picking up on the complaint filed by the Income Tax department against the media behemoth Raghav Bahl under Section 50 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act 2015, the Enforcement Directorate has initiated action against him, according to a report by BTVi.

According to the Income Tax department, Raghav Bahl has not disclosed foreign assets, a property bought in London, UK for 31 million pounds. The Enforcement Directorate has sought details from the Income Tax Department regarding the offence allegedly committed by Bahl.

However, in a press release, Raghav Bahl has denied allegations levelled against him. He has asserted that every transaction has been fully disclosed and assessed to tax. He has also claimed that the value of the property is less than 15% of the number given in the email sent by BTVi. The Quint founder further adds that the property has been fully financed through legitimate LRS payments via banking channels, along with permitted mortgage funds overseas.

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Bahl says that all the money invested in the property are from income on which taxes have been duly paid and consistently disclosed in the Foreign Asset Schedule of the Income Tax Returns of Raghav Bahl and his wife and children. Bahl was served a Show-Cause notice on May 1, 2019, seeking information about a certain property outside India and the source of funds for an investment made in that property. Bahl claims that Show-Cause was responded with relevant documents on May 2, 2019.

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