I-T dept issues Rs 24,646-crore notice to Sahara’s Aamby Valley

The Income Tax (I-T) department, as part of a special investigation and audit into the account books of the Sahara Group’s Aamby Valley Limited (AVL), has slapped a Rs 24,646-crore tax demand and penalty on the firm, after finding that an income of over Rs 48,000 crores for a particular assessment year was allegedly not reflected in the record books of the firm. Confirming the development, a Sahara Group spokesperson said, “Yes, the I-T Department has raised Rs 48,085.79 crore to the income of Aamby Valley Limited, with a total demand of income tax of Rs 24,646.96 crore on Aamby Valley Limited.”
Officials said the notice was issued by the taxman in January 2017, after the special audit of AVL’s income for the assessment year 2012-13 found that the parent firm had allegedly floated a clutch of special purpose vehicles (SPVs), whose incomes were later accounted on the account of AVL, as they were merged with the former in due course of time. AVL, in its income return filed for AY 2012-13, had reflected a loss of a 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 Court’s 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, 2017. “Enough is enough. You cannot say something today and resile tomorrow,” a bench, comprising justices Dipak Misra, Ranjan Gogoi and AK Sikri, had said, taking strong note of the non-submission of over Rs 5,000 crore by the Sahara Group.
The bench also cautioned Roy against playing with the court’s order and said non-compliance of its order, would invite the wrath of the law and ultimately he will be at his own peril. The bench asked the official liquidator, attached with the Bombay High Court, to auction the Aamby Valley properties, estimated to be worth Rs 34,000 crore and directly report to it.
By: Housing.com/news