I-T Dept files prosecution cases against Karti Chidambaram, his mother Nalini and wife Srinidhi

Moneylife Digital Team 11 May 2018

Economy & Nation

The Income Tax (I-T) Department on Friday has filed four prosecution cases against Karti Chidambaram, his mother Nalini and wife Srinidhi under Section 50 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, in a Chennai Court. Karti is son of Congress leader and former Finance Minister P Chidambaram.

Arising out of @Swamy39 complaints

Income Tax filed four prosecution cases against Karti Chidambaram, his mother Nalini and wife Srinidhi under Section 50 of Black Money Act in a Chennai Court today
— Ishkaran Singh Bhandari (@Ish_Bhandari) May 11, 2018

The matter relates to investments and advances made by Chess Global Advisory Services in UK-based Totus Tennis Ltd and US-based Nano Holdings LLC. Karti Chidambaram invested Rs3.28 crore in Nano Holdings and Rs80 lakh in Totus Tennis through Chess Global Advisory Services. The Chidambarams purchased an immovable property in UK's Cambridge for Rs5.37 crore and did not disclose it in their returns.

According to the Chidambarams, all the investments, remittances made by them in these two overseas companies have been fully disclosed both in the original and revised Income Tax returns (ITRs).

Last week, the Madras High Court had allowed the I-T Department to proceed with its inquiry based on a show cause notice issued to the Chidambarams. Karti, his mother Nalini and wife Srinidhi are directors of Chess Global Advisory Services Pvt Ltd.

A bench of justices V Bharathidasan and N Seshasayee also directed the Principal Director of Income Tax (Investigation), Chennai, to grant a due and proper opportunity to Karti and other directors of Chess Global Advisory Services for presenting their case.

Comments

User

Adv Soumya S. Mendon

8 years ago

If their property is more than their income they must be in jail

Ralph Rau

8 years ago

Is Chidambaram being unfairly targeted? Is it possible that only Opposition politicians are guilty of illegalities like amassing 5 crore worth properties without disclosure ?

The ADR - Association for Democratic Reforms has detailed information about assets of numerous Government politicians whose assets spontaneously grow by as much as 100 crore between every 5 year election term. These are only the assets in their personal names and exclude the assets in the names of the companies they or their close family members control.

SuchindranathAiyerS

8 years ago

Like Edgar Hoover going after Al Capone for tax evasion.

Ezeelok

8 years ago

In any other civilised & disciplined world these crooks would have been in jail by this time and their properties back to Public as they have amassed assets disproportionate to their known sources of income. Unfortunately these crooks are thriving in the most Corrupt system created by Politicians and aided & abetted by Bureaucrats.

SUBHASH CHATTERJEE

8 years ago

Lt the truth prevail in this Kaliyug