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Home / News / Business News / Mukesh, Nita and Ambani kids get Income Tax notices: Report
  • Business

    Mukesh, Nita and Ambani kids get Income Tax notices: Report

    Shalini Ojha
    Written by
    Shalini Ojha
    Twitter
    Last updated on Sep 14, 2019, 12:21 pm
    Mukesh, Nita and Ambani kids get Income Tax notices: Report
  • Reliance Industries head honcho Mukesh Ambani, his wife Nita, and their three children- Akash, Anant, and Isha, have received notices from the Mumbai leg of Income Tax Department, Indian Express reported on Saturday.

    The notices to the affluent business family were served on March 28, 2019, under Black Money Act 2015.

    However, a spokesperson told the daily they haven't received any such communication.

  • In this article
    Ambanis got notices for alleged "undisclosed foreign income and assets" Before serving notice, I-T Department launched extensive investigation Notices were served after CBDT gave clearance Ambanis didn't disclose details of their holdings The first date of hearing was in April
  • Notices

    Ambanis got notices for alleged "undisclosed foreign income and assets"

    Ambanis got notices for alleged "undisclosed foreign income and assets"
  • The move was "closely guarded" and Ambanis received notices for their alleged "undisclosed foreign income and assets".

    Reportedly, the Income Tax Department started its probe way back in 2011, when it received details of some 700 Indians holding accounts in Switzerland's Geneva.

    During 2015's Swiss Leaks, it was revealed that the actual number of people holding such accounts is 1,195.

  • Accounts

    Before serving notice, I-T Department launched extensive investigation

  • Further, the report added the Reliance Group was linked to a cluster of 14 HSBC Geneva bank accounts, which have a combined balance of $601 million.

    An Income Tax report dated February 4, 2019, revealed the Ambanis have been named as "ultimate beneficiaries" of one of these 14 entities, called the Capital Investment Trust.

    The March notice had details of this report only.

  • Do you know?

    Notices were served after CBDT gave clearance

  • Now, Reliance may have denied receiving any such notice, but IE claimed the documents were served after many talks between Mumbai unit and the top brass of the Central Board of Direct Taxes (CBDT). Thereafter, the final clearance was given.

  • Holdings

    Ambanis didn't disclose details of their holdings

    Ambanis didn't disclose details of their holdings
  • This is what the I-T Department learned-- Capital Investment Trust was created in 2003, and its initial funding was just $1,000. It owned an entity named Thames Global Limited, which in turn, controlled Infrastructure Company Limited and Antalis Management Limited based in the British Virgin Islands.

    Allegedly, the Ambanis didn't disclose they had holdings in Capital Investment Trust, and in Infrastructure Company Limited.

  • Details

    The first date of hearing was in April

    The first date of hearing was in April
  • The notice underlined that after provisions were introduced in the 2012 Finance Bill, assesses are required to disclose details of all foreign bank accounts.

    Not only this but they also have to reveal about Trusts, as well as immovable property/assets they own outside India.

    The assesses (Ambanis) were asked to produce documents to support their claims. The first date of hearing was April 12, 2019.

  • Mukesh Ambani
  • Mumbai
  • Reliance
  • Income Tax Department
  • Reliance Industries
  •  
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