Cash Strapped Congress Gets 1,823 Cr Income Tax Notice

3/29/2024 7:07:09 PM

(MENAFN- Kashmir Observer) New Delhi- In another blow to cash-strapped congress ahead of the Lok Sabha polls, the Income Tax (IT) Department on Friday slapped a demand notice of Rs 1,700 crore on the grand old party.

It covers the assessment years from 2017-18 to 2020-21, including penalties and interest,
news agency ANI reported, citing sources.

This came a day after the Delhi High Court rejected Congress' petitions, challenging the commencement of tax reassessment proceedings for a period of four years. A bench of Justices Yashwant Varma and Purushaindra Kumar Kaurav said the pleas were dismissed in terms of its earlier decision refusing to interfere with the opening of reassessment for another period.

The present matter pertained to assessment years 2017 to 2021.

Congress leader Ajay Maken called the I-T notice a“premeditated, diabolical campaign against Congress”.“We have received notices from the time of Sitaram Kesari, from 1993-94. We have been demanded to pay Rs 53 crore from the time of Sitaram Kesari. A total of Rs 1823 crore has been made by the IT department from Congress.”

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He also accused the BJP of being in serious violation of tax laws.“The I-T department should raise the demand of over Rs 4,600 crore from it,” he
said adding that the party will
move the Supreme Court again over this matter on April 1.

Meanwhile the Communist Party of India (CPI) has also received a notice from the income-tax department, asking it to explain why penalty should not be imposed on it for using an old PAN card while filing tax returns during the last few years, sources said on Friday.

They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.

The sources said notice mentions that in case it fails to explain its position to the I-T department, penalties along with interest due to authorities for“discrepancies” in the use of an old PAN card by the party would be levied.

Earlier a leader said the notice was for Rs 11 crore but later said it did not mention the amount.

“We are seeking legal assistance and consulting our lawyers,” a senior CPI leader told PTI.

The I-T department has also withdrawn the tax exemption of the Communist Party of India (Marxist) for the year 2016-17 and taxed the Left party Rs 15.59 crore for not declaring a bank account in its tax returns for the year.

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