Troubles for Reliance Group chief Anil Ambani is not ending. In the latest case, the Income Tax Department has issued a notice to Anil Ambani. This notice is allegedly related to tax evasion of Rs 420 crore under Black Money Law. According to the news agency PTI, this tax is linked to more than Rs 814 crore kept in two bank accounts of Switzerland.
The Income Tax Department alleges that Anil Ambani has not deliberately paid taxes. According to the allegation, Anil Ambani deliberately did not give details of bank accounts and financial interests abroad to the authorities. The department has sought an answer from Anil Ambani on the allegations till 31 August. However, there is no response to this issue by Anil Ambani or Reliance Group.
The department said that a case is made against Anil Ambani under sections 50 and 51 of black money (undeclared foreign income and property) tax Administration Act 2015. It provides for a maximum sentence of 10 years with fine.
According to the notice of the Income Tax Department, tax officials found that Ambani is an economic contributor as well as beneficiary owner in the Bahamas unit Dymond Trust and another company Northern Atlantic Trading Unlimited (NATU). The NATU was formed in the British Virgin Island (BVI).