I-T Serves Rs 1700 crore Notice On Congress

The Income Tax (I-T) Department has served  Rs 1700 crore notice on Congress party. It came soon after Delhi High Court turned down the petition from India’s principal Opposition party challenging the reassessment proceedings.

The news comes as a massive blow to Congress, increasing financial worries of the party ahead of Lok Sabha polls. The notice covers assessment years 2017-18 to 2020-21. It involves penalties and interest. The grand old party is currently waiting for the reassessment of its income for three other assessment years which will be completed by Sunday, the date of deadline.

Confirming the notices, Congress lawyer and Rajya Sabha MP Vivek Tankha claimed that the party will take up the legal battle further. The I-T Move is undemocratic and unreasonable, he added. Vivek Tankha argued for party”s petition in the High Court as to seek the stay on the action.

Continuing further, Congress lawyer claimed that the new I-T notice of nearly Rs. 1700 crore was issued without giving principal accompanying documents. The I-T department has already recovered Rs 135 crore from the grand old party”s bank accounts in Delhi with regarding tax arrears and interests for assessment year 2018-19. This step was taken as party was denied exception due to its failure to meet the specified conditions.

It was on Thursday, a bench of Delhi High Court Justices Yashwant Varma and Purushaindra Kumar Kaurav dismissed Congress petitions. Citing its earlier decision and the Court refused to involve with the opening of reassessment proceedings for another period. The reasoning given in the previous verdict will also applicable to the latest petition concerning assessment years (2017-18 to 2020-21). On March 22 the Delhi High Court rejected party”s petition contesting tax reassessment proceedings for the assessment years 2014-15, 2015-16, and 2016-17.

(With inputs from the Times of India)