IT Department issued Notice to Anil Ambani for Rs.420 Crore Tax Evasion

IT Department issued Notice to Anil Ambani for Rs.420 Crore Tax Evasion The Income Tax Department has issued notice to industrialist Anil Ambani to prosecute him under the Black Money Act for allegedly evading Rs.420 crore in taxes on undisclosed funds worth more than Rs 814 crore held in two Swiss bank accounts. The department has accused Ambani with "wilful" tax evasion, alleging that he "deliberately" withheld information about his financial interests and overseas bank account information from Indian tax officials. A show cause notice in this context was issued to Ambani early this month. When this report was filed, Ambani's office still hadn't responded to a question regarding the situation. According to the government, he could face legal action under Sections 50 and 51 of the Black Money (undisclosed foreign income and assets) Imposition of Tax Act of 2015, which carries a maximum penalty of 10 years in prison and a fine. The businessman has been accused with avoiding taxes for the assessment years 2012–2013 through 2019–2020 by holding undeclared assets abroad. Tax authorities discovered that Ambani was a "economic contributor as well as beneficial owner" of two businesses: Northern Atlantic Trading Unlimited (NATU), which was incorporated in the British Virgin Islands, and Diamond Trust, which has its headquarters in the Bahamas (BVI).