Young Indian moves HC against I-T proceedings
New Delhi March 14 (IANS) Young Indian Private Ltd (YI) whose major stakeholders are Congress President Rahul Gandhi and his mother Sonia Gandhi on Wednesday moved Delhi High Court against Rs 249.15 crore income tax proceedings against the firm.
The Young Indian requested a bench of Justices S. Ravindra Bhat and A.K. Chawla to stay the recovery of tax and interest of Rs 249.15 crore raised in pursuance to a December 27 2017 notice issued under section 156 of the IT Act for the assessment year 2011-12.
The company submitted that it is a charitable firm and does not have any income and the Income Tax authorities have wrongly raised a demand of Rs 249 crore for the assessment year 2011-12.
The court listed the matter for March 19 for further hearing.
Bharatiya Janata Party (BJP) leader Subramanian Swamy had filed a complaint about "cheating" in the acquisition of Associated Journals Limited (AJL) which published the National Herald newspaper by Young Indian "a firm in which Sonia and Rahul Gandhi each own a 38 per cent stake".
Swamy had accused them of allegedly conspiring to cheat and misappropriate funds by just paying Rs 50 lakh by which Young Indian obtained the right to recover Rs 90.25 crore which AJL owed to the Congress.
Former Congress President Sonia Gandhi and her son and party s current President Rahul Gandhi party leaders Motilal Vora and Oscar Fernandes Suman Dubey Sam Pitroda and Young Indian are accused in the case.