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I-T Dept notices to Mukesh Ambani's family: Report

Last Updated 14 September 2019, 13:02 IST

The Income Tax Department in Mumbai, after an investigation, has served notices to members of Mukesh Ambani's family under provisions of the 2015 Black Money Act for alleged "undisclosed foreign income and assets", according to a report by The Indian Express.

The report stated that it was a 'closely guarded' move, and the formal warning was sent on March 28, 2019, in the names of Mukesh Ambani’s wife Nita Ambani and their three children.

The investigations began after Reliance Chairman Mukesh Ambani was named in the Indian bank holders list in HSBC's Geneva branch that was handed over to the government in 2011. More than 1,000 Indian deposit holders of that branch were under the scanner for tax evasion and for holding black money.

The Indian Express investigation revealed that a cluster of 14 HSBC Geneva bank accounts with a balance of $601 million in tax frauds were all linked to the Reliance Group.

The I-T Department notice also alleged that the Ambanis failed to reveal details and holdings in Capital Investment Trust and Cayman Islands-based Infrastructure Company Limited, of which they were "ultimate beneficiaries", cited the newspaper report.

The notice also stated that a "remedial action" would be taken against the ultimate beneficiaries.

What is the Black Money Act?

Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, is an Act of the Parliament of India that imposes taxes and penalty on black money flow or undisclosed foreign assets. The aim is to bring the income and assets of Indian citizens held in foreign countries back to the country.

In a clarification sent to DH, Reliance Spokesperson said, "We deny all allegations including receipt of any such notice."

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(Published 14 September 2019, 04:06 IST)

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