1. Aamby Valley: Income Tax department stakes claim on Rs 24,843 crore sale

Aamby Valley: Income Tax department stakes claim on Rs 24,843 crore sale

The court had earlier directed Sahara chief Subrata Roy to deposit Rs 1,500 crore by September 7 to establish his “bona fide”.

By: | Published: September 11, 2017 8:18 AM
Aamby Valley in Pune district of Maharashtra. (IE Photo)

The Income Tax (IT) department has staked a claim Rs 24,843 crore (excluding interest) from the sale proceeds of Sahara Group’s Aamby Valley City in Pune district of Maharashtra. However, the official liquidator has pegged Rs 37,392 crore as the reserve price of the property which is to be auctioned, the Indian Express reported. According to sources, this claim is the tax allegedly due to the department from Aamby Valley Ltd (AVL), the company that owns Aamby Valley City. The claim was submitted to the official liquidator on April 26, followed by the ordered the auction of Aamby Valley in February by the Supreme Court for non-submission of over Rs 5,092 crore by the Sahara Group. Meanwhile, the apex court is expected to decide on the next stage of the auction today, as per the report.

The court had earlier directed Sahara chief Subrata Roy to deposit Rs 1,500 crore by September 7 to establish his “bona fide”. It said that the auction process would be halted if the group pays up on time. It said that the auction process will go on according to the schedule and if Rs 1,500 crore is paid by the contemnor – Subrata Roy- into the Securities and Exchange Board of India (SEBI)-Sahara refund account by September 7, then it may pass an appropriate order, reported PTI.

In January, a demand notice of Rs 24,646 crore was issued to AVL by the tax department who conducted a special audit of the company. As per the report, the income of over Rs 48,000 crore for assessment year 2012-13 was allegedly not reflected in record books of AVL when the IT departmnent investigated and audit into the account books of AVL. This raised a fresh tax demand and penalty amount. According to the tax agency, the parent firm had allegedly floated a clutch of special purpose vehicles whose incomes were later accounted on the books of AVL with which they were merged.

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