May 11, 2018
Chennai : There is more trouble for former finance minister P Chidambaram after the income tax department on Friday filed four charge sheets against his wife Nalini, son Karti Chidambaram and daughter-in-law Srinidhi under the Black Money Act for failure to declare their foreign assets.
The charge sheets were filed in Chennai before a special court under Section 50 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
It has been alleged that the accused persons had allegedly not disclosed either partly or fully the immovable assets like the one they allegedly possess at Cambridge in the United Kindgom, worth ₹5.37 crore, property worth ₹80 lakh in the same country and assets worth ₹ 3.28 crore in the U.S.
The non-disclosure of assets in foreign violates the Black Money law, enacted by the Modi government in 2015. The new law has provisions for a steep 120 per cent tax and penalty on undisclosed foreign assets and income. Besides, there is a jail term between 5 years and 10 years, if the charges are proved in a court of law.
After the IT recently issued notices to Karti and his family members in the case, he challenged the same before the Madras High Court. The petition has since been quashed.
The IT department is confident of having investigated the case and was ready to be presented in the court.