New Delhi: The Income Tax Department has reportedly served notices to the Reliance Group owners, Ambani family, after receiving information for their alleged undisclosed foreign assets and income. The business tycoons have been booked under provisions of the 2015 Black Money Act, reported The Indian Express.
According to the report, Mukesh Ambani, wife Nita Ambani and their three children – Anant, Akash, and Isha Ambani – were sent notices on March 28, 2019. However, the family-owned company has denied any such notice from the I-T department.
The I-T investigation pertains to information received by The Indian Express sources of an estimated 700 Indian individuals and entities holding a cluster of 14 accounts with a balance of $601 million, in HSBC, Geneva in 2011.
After probing into the case further it was found that there were in fact 1195 account holders, all linked through a complex chain of associates to the Reliance Industries Ltd (RIL) or Reliance Group.
According to the report, the Ambani family has been served notices after a lot of ‘back and forth’ with the I-T Department and the Central Board of Direct Taxes (CBDT)
However, responding to the allegations, the Reliance spokesperson told Express, “We deny all the contents of your email including receipt of any such notice.”
The notices have been served regarding details of Capital Investment Trust, Thames Global Limited, Infrastructure Company Limited, Antalis Management Limited, and Harinarayan Enterprises.
The Ambani family has been asked to provide evidence, documents, and accounts supporting their case. The first hearing was held on April 12 this year.