New Delhi, January 8: The Income Tax Assessment Case which was listed for hearing today is adjourned till January 29 by the Supreme Court, extending the interim protection of Congress leaders Sonia Gandhi, Rahul Gandhi, and Oscar Fernandes.
Earlier, with the conditions, that the assessment cannot be given effect till the next date of hearing, the court had allowed the IT department to reopen the assessment of Gandhi's and Fernandes for the year 2011-12.
Senior Advocate P Chidambaram appeared on the behalf of Petitioners and Solicitor General Tushar Mehta appeared for the Respondents.
The SC bench comprising of Justices AK Sikri, S Abdul Nazeer, and MR Shah directed Senior Advocate P Chidambaram, to file the controversial circular issued by the Central Board of Direct Taxation (CBDT) on affidavit within the period of one week. The Solicitor General Tushar Mehta also requested for some time to file the counter reply to which the Court granted a weeks time further to file the same.
As per the sources, Chidambaram while making his submissions told the court that a circular, which differentiated between transferred shares and issued shares were issued by the CBDT on December 31, 2018 which was later withdrawn on January 4, 2019, as though it was never issued and could have favoured the case made out by the Gandhis and Fernandes.
Also, Chidambaram has described the timeline of events that are revealed during the year for which reopening of assessment is sought while specifying the details in regard to debts, loans, as well shares held by companies Young India and Associated Journals Ltd. (AJL).
The next date of hearing is of January 29, till then, the interim protection will continue against the action by the IT department based on the assessment order.