I-T Dept issues ?24,646 cr notice to Sahara's Aamby Valley
The Income Tax Department has issued a ?24,646 crore tax demand notice to Sahara Group's Aamby Valley Limited. The department's audit found that an income of over ?48,000 crore for the assessment year 2012-13 was not reflected in the record books of the firm. A week ago, the SC ordered Bombay HC to auction Sahara's Aamby Valley worth ?34,000 crore.
New Delhi, Apr 25 (PTI) The Income Tax department has issued a Rs 24,646 crore tax demand notice to Sahara Groups Aamby Valley Limited (AVL) after conducting a special audit of the company. The department, as part of a special investigation and audit into the account books of AVL, found that an income of over Rs 48,000 crore for a particular assessment year was allegedly not reflected in the record books of the firm and hence it raised a fresh tax demand and penalty amount on it. A Sahara Group spokesperson confirmed the development to PTI. "Yes, the Income Tax Department has raised Rs 48,085.79 crores to the income of the Aamby Valley Limited with a total demand of income tax of Rs 24,646.96 crores on the Aamby Valley Limited," the spokesperson said in a brief statement. Officials said the notice was issued by the taxman in January this year after the special audit of AVLs income for the Assessment Year 2012-13 found that the parent firm had allegedly floated a clutch of Special Purpose Vehicles whose incomes were later accounted on the account of AVL as they were merged with the former in due course of time. The AVL, in its income return filed for AY 2012-13, had reflected a loss of few crores but the special I-T audit brought up the added income, a senior official said. The Supreme Court, last week, had asked the Bombay High Courts official liquidator to sell the Rs 34,000 crore worth of properties of Aamby Valley owned by the Sahara Group and directed its chief Subrata Roy to personally appear before it on April 28. 