Key Points
Income tax notices to the Indian National Congress were issued back in March 2023 and the assessment proceedings demanded for those seven years, as per law, were set to get time barred on March 31, 2024, according to sources...
Assessments against the Congress party were reopened for 7 years (assessment years 2014-15 to 2020-21), based on incriminating material seized, the sources added..
Faced with tax notices, the Congress party had approached the Delhi High Court, seeking quashing of reassessment proceedings for all seven years...
The High Court observed that there has been escapement of income approximately to the tune of Rs 520 crore.. Further, the high court observed that the assessment has to be completed by March 31, 2024 as per the law and the Congress had chosen to approach the high court only few days before the time of completion of the assessment proceedings...
In latest mounting troubles for Congress amid Lok Sabha poll campaign, the Income Tax Department has issued demand notice of about Rs 1700 crore to the party, sources had said.. They said the fresh demand notice is for assessment years 2017-18 to 2020-21 and includes penalty and interest..
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