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New Delhi: High Court dismisses Cong pleas against IT re-assessment
The Delhi High Court on Thursday turned down the pleas of Congress challenging the initiation of income tax re-assessment proceedings for the fiscal years 2017-18 to 2020-21.
New Delhi : The Delhi High Court on Thursday turned down the pleas of Congress challenging the initiation of income tax re-assessment proceedings for the fiscal years 2017-18 to 2020-21.
The division bench of Justice Yashwant Varma and Justice Purushaindra Kumar Kaurav upheld their stance consistent with a previous judgement that dismissed similar petitions concerning reassessment for the years 2014-15 to 2016-17.
The judges remarked that the income tax authorities had gathered "substantial and concrete evidence" that justified a deeper examination of the Congress party's income and financial declarations under the provisions of the Income Tax Act.
This development came on the heels of the Congress facing a substantial tax demand, exceeding Rs 100 crore for the assessment year 2018-19, wherein the party's income was assessed to be over Rs 199 crore.
The tax dispute arose after the party's income for the 2018-19 assessment year was assessed at Rs 1,99,15,26,560, then the nil income it declared, resulting in a tax demand of Rs 1,05,17,29,635.
