Income Tax files charge sheet against P. Chidambaram's kin
Income Tax files charge sheet against P. Chidambaram's kin
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On Friday, the Income Tax Department filed prosecution complaints under the Black Money against Karti Chidambaram, his mother, Nalini Chidambaram and wife, Srinidhi Chidambaram. The complaints is lauded under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

The prosecution case is filed at Chennai court under section 50 of the Black Money Act. The case includes that the trio has made investments in foreign assets which were not disclosed fully or partly in their returns. The accused also purchased an immovable property worth Rs 5.37 crore in Cambridge, United Kingdom. But the problem comes as they have not disclosed about the specific property in their Income Tax Returns. 

Leading to this, Karti Chidambaram has also invested Rs 3.28 crore in Nanoholdings LLC in the USA. Including Rs 80 Lakh in Totus Tennis Ltd through his domestic company, Chess Global Advisory Services private limited.

Recently, the IT department has issued a notice against Karti and his family members under Section 10(1) of the Black Money Act. The charge has been made by the Madras High Court. The court later dismissed his writ petition.

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