New Delhi: Reliance Group Chairman Anil Ambani's troubles are increasing continuously. Now Anil Ambani is also being tightened under the Black Money Act. The Income Tax Department has demanded permission to run the case against Anil Ambani. The Income Tax Department has made this demand regarding tax evasion of Rs 420 crore on undisclosed assets of Anil Ambani of over Rs 814 crore in two Swiss bank accounts.
According to media reports, the Income Tax Department has alleged that Anil Ambani has intentionally evaded tax. According to the Income Tax Department, Ambani did not inform the Indian tax authorities about the amount deposited in the foreign bank account under a well-thought-out strategy. A show cause notice was also sent to Anil Ambani in this regard at the beginning of August. The Income Tax Department says that Anil Ambani can be tried under sections 50 and 51 of the Black Money Imposition of Tax Act 2015, in which he can be jailed for a maximum of 10 years with a fine.
In the notice issued by the Income Tax Department to Anil Ambani, he has been asked to reply by August 31. Ambani is accused of evading tax on undeclared assets held abroad from the assessment year 2012-13 (AY13) to 2019-20 (AY20). According to the department's notice, officials have told that Ambani is the economic contributor and beneficial owner of Bahamas-based company Diamond Trust and Northern Atlantic Trading Unlimited. Northern Atlantic Trading Unlimited is registered in the British Virgin Islands, considered a haven for tax evasion.
In the case of the Bahamas-based trust, the Income Tax Department has found that it operates a company called Dreamwork Holdings Inc. This company opened an account in a Swiss bank, in which $32,095,600 was deposited on December 31, 2017. According to the notice, the trust had received initial funding of $25,040,422. The Income Tax Department says that this funding was sent from Anil Ambani's personal bank account. Ambani gave his passport during KYC to open the trust in 2006. The names of their family members are also included in the beneficiaries of this trust.
At the same time, a company registered in the British Virgin Islands in July 2010 also opened an account with the Bank of Cyprus in Zurich. The Income Tax Department says that Anil Ambani is the ultimate beneficial owner of this company and the company's funds. This company received $100 million in 2012 from PUSA, a company registered in the Bahamas. Anil Ambani had settled that fund and was also its beneficiary. According to department officials, the total amount deposited in both the Swiss bank accounts is Rs 814 crore and a tax liability of Rs 420 crore is created on it, which has not been paid.
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