Bombay HC stays Black Money Act action against Anil Ambani
Business
Anil Ambani just got some breathing room from the Bombay High Court in his black money case.
He argued that the Black Money Act shouldn't be used against old transactions, and for now, the court says no prosecution or penalties until they decide if he's right.
The government has been asked to share its side before anything moves forward.
IT alleges Ambani hid 814 cr
The Income Tax Department claims Ambani hid over ₹814 crore in foreign assets and dodged ₹420 crore in taxes by not reporting two Swiss bank accounts and two overseas companies.
While their tax appeal continues, the court made it clear: no coercive action, including prosecution and penalty, until Ambani's constitutional challenge is settled.