The Bombay High Court has granted interim protection to industrialist Anil Ambani in a case related to alleged tax evasion under the Black Money Act. The court directed that no coercive action, including prosecution or penalties, be taken against him until his petition is finally heard and decided.
Ambani has challenged certain provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, arguing that they should not be applied retrospectively to transactions that allegedly took place before the law came into force. The High Court has admitted his petition and asked the government to file its response.
According to tax authorities, Ambani allegedly failed to disclose foreign assets and bank accounts linked to overseas entities. The Income Tax Department had earlier claimed undisclosed funds worth over ₹814 crore and alleged tax liability of about ₹420 crore. Ambani has disputed these allegations and sought constitutional review of the relevant provisions of the law.
The court clarified that tax appeal proceedings can continue, but no prosecution or penalty action will be taken until the constitutional challenge is resolved.
Do you think tax laws should be applied retrospectively to transactions that occurred before the law was enacted?
Bombay High Court ne Anil Ambani ko Black Money Act se jude alleged tax evasion case mein interim relief di hai. Court ne kaha hai ki petition ka final faisla hone tak unke khilaf prosecution ya penalty jaise kisi bhi tarah ke coercive action nahi liye jayenge.
Ambani ne Black Money Act, 2015 ki kuch provisions ko challenge kiya hai. Unka kehna hai ki law ko un transactions par lagu nahi kiya ja sakta jo is Act ke aane se pehle ke hain. High Court ne unki petition admit kar li hai aur sarkar se jawab maanga hai.
Income Tax Department ka aarop hai ki Ambani ne kuch foreign assets aur overseas bank accounts ki jaankari disclose nahi ki thi. Department ke mutabik lagbhag ₹814 crore ke undisclosed funds aur ₹420 crore ke tax liability ka mamla hai. Ambani ne in aaropon ko challenge kiya hai.
Court ne ye bhi saaf kiya hai ki tax appeals ki process jaari reh sakti hai, lekin constitutional challenge par final decision aane tak prosecution aur penalty nahi lagayi jayegi.
Sawaal: Aapke hisaab se kya naye tax laws ko purane transactions par bhi lagu kiya jaana chahiye?