IT Department Asks Robert Vadra To Pay Rs 25 Crore For Tax Evasion

The Logical Indian Crew Haryana

June 28th, 2018 / 6:13 PM

Robert Vadra

Image Credits: Sakshi.com

Son-in-law of Congress leader Sonia Gandhi has landed himself in fresh trouble as the Income Tax (IT) department has issued a notice to him. Robert Vadra, one of the directors of Delhi-based of Sky Light Hospitality LLP to pay Rs. 25.8 crores as the tax for the assessment year 2010-11.


Reassessment Report For Robert Vadra’s Company

A report prepared by the IT Department stated that an assessment of the firm’s income shows that in the year 2010-11, the actual income of the company was nearly Rs. 43 crores. However, after a reassessment of the report, the IT department decided to treat capital gains as business income, reported India Today.

An official of the tax department told India Today, “Vadra’s firms are into buying and selling of land which is a pure business decision. But his tax declarations showed that these are long-term investments he had made. While the former attracts a 30 per cent tax, the latter gets the benefit of indexation (of the property) as well as long-term capital gains which are not more than 20 per cent. Now he will have to pay the difference which works out to Rs 25 crore including interest for the past seven years”.

“There is no tax on capital gains on the sale of agricultural land if it is 8 km away from the urban limits of a city”, he added.


The Court Orders

Earlier in April 2018, the Supreme Court dismissed a petition filed by the firm which sought to challenge the IT Department’s reassessment of the company’s 2010-11 profits from land deals in Haryana and Rajasthan. The report that was tabled by the IT Department stated that it had suspected that over Rs 35 crore that the firm earned in the financial year, escaped assessment, reported Firstpost.

Reportedly, the firm had first filed a petition against the reassessment report with the Delhi High Court. After the HC too dismissed the petition, Robert Vadra challenged its decision in front of the apex court.

Vadra went to court on the ground that the reassessment notice was issued to an entity named Skylight Hospitality Pvt Ltd which did not “exist on the date of issue of notice” and that the company had by then converted itself into an LLP or Limited Liability Partnership. This objection was also quashed by the court, reported India Today.

Notably, the reassessment notice was issued against the firm in connection with a land deal with the DLF Group. In one deal, Vadra bought a property at Mauja Shikohpur near Manesar in Haryana for Rs 7.9 crore and sold it for Rs 58 crore to DLF Hospitality. The same tax notice also exposes another discrepancy where Vadra bought the Manesar village land from Omkareshwar Properties for Rs 7.95 crore but the buyer never encashed the cheque.

 


Contributors

Written by : Sromona Bhattacharyya

Edited by : Abhinav Joshi

Share your thoughts..

Related Stories

Karnataka gift MPs

Karnataka MPs Including BJP MPs Get iPhone X Allegedly From State Minister Who Is Accused of Tax Evasion

Robert Vadra

IT Department Asks Robert Vadra To Pay Rs 25 Crore For Tax Evasion

Fire In IT Office In Mumbai’s Scindia House, Sensitive Tax Evasion Documents Feared To Be Lost

Govt Asks Banks To Pay Tax On Free Services Like ATM Transactions; Burden To Fall On Customers

Auditor Hired By PNB To Look Into Nirav Modi’s Firms Faces Rs 13.5 Crore GST Evasion Charges

Punjab

Punjab CM Asks Ministers, MLAs To Pay Tax By Themselves

Latest on The Logical Indian

Awareness

“There Is A Human In My Forest”; Anti-Deforestation Ad Banned For Being Too Political

News

Homegrown RuPay & BHIM UPI Are Giving A Tough Time To Giants Like Visa & Mastercard

News

[Watch] Pradhan Mantri Fasal Bima Yojana Is Going To Be Bigger Scam Than Rafale: P Sainath

News

Pakistan Government Sends Notices To 294 People Named In The Panama Papers

Awareness

Handcuffed By NRC: Hindu Man Lodged In Detention Center In Assam For Being A “Foreigner”

World Affairs

After 40 Years, Iranian Women Allowed To Enter Football Stadium To Watch Live Match

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.