National Herald case: Delhi High Court rejects Rahul Gandhi's plea challenging I-T notice
As per the Income Tax department, the shares Gandhi has in YI would lead him to have an income of Rs 154 crore and not about Rs 68 lakh, as was assessed by it earlier.
The court also said that the tax department has powers to reopen tax proceedings and that the petitioners can approach income tax department with their grievances.
In connection with the National Herald Case, Rahul Gandhi had challenged in the Delhi High Court the reopening of his 2011-12 assessment by the tax department for not disclosing that he was a director in Young Indian company, an accused in the National Herald misappropriation of assets case.
The Congress President's lawyer asserted that Rahul did not receive any income from the source, hence he is not liable for any tax.
According to the tax department, Gandhi’s assessment for the years 2011-12 was decided to be reopened as he did not disclose that he was a director in the company — Young Indian Pvt Ltd (YI) — since 2010.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.