The Madras High Court has cancelled the Income Tax proceedings initiated against Karti Chidambaram, son of former Union Finance Minister P Chidambaram,and his wife Srinidhi over an alleged non-disclosure of cash transactions of about Rs 7 crore over the sale of a property. 

The Court, while ruling that the action is "not maintainable and premature", made a statement that proceedings may be initiated again if the authority concerned deemed the same is required after proper assessment. The prosecution case filed states that Karti, the Congress Member of Parliament, representing Sivaganga, and his wife Srinidhi received Rs 6.38 crore and Rs 1.35 crore in cash respectively, through sale of a land owned by them near Muttukadu. 

They had neither disclosed the amount in their assessment nor paid taxes for the income. Hence, the I-T department initiated criminal prosecution for alleged non-disclosure of income by them to the tune of Rs 7.73 crore for 2015-16 fiscal. Challenging the IT case, the duo contended that the prosecution is liable to be quashed for procedural lapse. Justice Sathish Kumar, who  read out the order on Friday, observed that unless a finding is recorded by the assessing officer as to a willful attempt to evade tax or filing false verification, the complaint filed by the Deputy Director is not maintainable.

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