In biggest news, the Income Tax department has served notices to India’s business tycoon Mukesh Ambani’s wife Nita and their three children Akash, Isha Ambani Parimal and Anant.
The notices were served by Mumbai IT wing under provisions of the 2015 Black Money Act for alleged undisclosed foreign income and assets. However this report claimed that the notices were served to the Ambani’s way back in March, 2019 but the news broke out on Saturday.
Behind serving the notices, there is a huge story and it all started with the government getting proper information about 700 Indian individuals and entities holding accounts in HSBC Geneva and the number increased to 1,195 by 2015. Among them, a cluster of 14 accounts held USD601 million through associate and offshore holdings that are linked to Reliance group.
Based on this the government directed IT department to launch a probe and on February 4th, the report was ready. But the IT department dodged for few weeks before serving the notices. Reacting on the reports of IT notices, spokesperson of Reliance group has denied such notices.
