Finance & Stock Market
Bank account freeze case: Why accounts of Congress were under I-T depts scanner | Explained
By - 16 Feb 2024 09:44 PM
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The Congress' main bank accounts were frozen on Friday over an income tax demand of ₹210 crore but an I-T appellate tribunal later allowed it to operate them pending a further hearing next week, a huge relief for the party which said the move had impacted all political activity.ITAT (Income Tax Appellate Tribunal) will hear the matter on February 21, sources told ANI, adding that the current due of Congress to the Tax Department totals ₹115 crores.No bank operations have been seized or stopped in the Congress bank account freeze case, the sources informed further. "The Congress' tax due pertains to FY 17-18, AY 18-19. The initial due to the Tax Dept was ₹103 crores and ₹32 crores in interest accrued on late payment. The claims were for not filing the returns on time. The tax due was reassessed at ₹105 crores on 6th July 2021. Post this, the INC appealed before Commissioner Appeals but did not pay the mandatory 20 per cent of the tax as they had filed a plea by then," a source said. "INC paid only ₹78 lakh, prompting CIT (Appeal) to dismiss their plea. Again, on May 2023, the INC went for 2nd appeal at ITAT. The Congress did not apply for any stay on the tax demand at ITAT. In October 2023, the INC paid ₹1.72 crore. No orders were passed by ITAT today. Nowhere in their appeal has the Congress disputed the tax-due amount. No bank account operation has been stopped by the Income Tax department," the source told ANI. “You are hereby required under Section 226(3) of the Income-tax Act, 1961, to pay to me forthwith any amount due from you to or, held by you, for or on account of Bank Account No. 062304xxxxx and any other bank account/fixed deposit with your bank in the name of Indian National Congress upto the amount of arrears shown above" All Our bankers are being sent this... |
