New Delhi, September 10: The Delhi High Court bench of Justices S. Ravindra Bhatt and A K Chawla today, dismissed the plea filed by Rahul Gandhi, Sonia Gandhi and Oscar Fernandes challenging reopening of their 2011-12 assessment by the tax department for not disclosing their directorship in Young Indian company.
The Court while dismissing the pleas permitted Income Tax department to continue with the process of reassessment of Income Tax of Rahul Gandhi, Sonia Gandhi & Oscar Fernandes for the year 2011-2012.
The bench further added that the petitioners in case of any complaint or grievances can approach the Income Tax Department.
The I-T department has launched probe against the trio regarding tax assessment for the year 201-12 under section 147 of the Income Tax Act, 1961, following a complaint by BJP MP Subramanian Swamy.
The I-T department contended that Rahul Gandhi persistently chose not to disclose that his post of director at the Young India company which would have provided him an income to the tune of Rs. 154 crore instead of earlier assessed income of Rs. 68 lakh.
The department has also issued a notice to Young India Private Limited (YIL) simultaneously, for escapement of income to the tune of Rs. 249.15 crore for the assessment year 2011-12.
In March, the Delhi High Court had asked Young Indian Pvt Ltd. to deposit Rs. 10 crore in the Rs. 249.15 crore income tax proceedings against it. However, YIL has claimed that it was a charitable company and does not have any income and the I-T department has raised a mistaken demand of Rs. 249 crore for the assessment year of 2011-12.
On August 16, the Delhi High Court has reserved its verdict over reopening of tax assessment of Rahul Gandhi, Sonia Gandhi and Oscar Fernandes in connection to the transactions held between National Herald and Young Indian Private Limited.
Subramanian Swamy in his complaint accused Sonia Gandhi, Rahul Gandhi and others of cheating, misappropriation of property, conspiracy and breach of trust in the acquisition of assets of the Associated Journals Limited (AJL) by Young India Private Limited company.
It was alleged that the Gandhi's are major stakeholders of around 38% in Young Indian Pvt Ltd, which came into existence in 2010 and further contended that in 2011, AJL approved the transfer of an unsecured loan of Rs. 90 crore from the All India Congress Committee(AICC) at zero interest with company's all ninety million shares of Rs. 10 each to Young Indian.
On August 8, the Court refused to grant any interim relief Rahul Gandhi in the issue.