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IT Dept files complaints against Karti and kin under black money act

Chennai (Tamil Nadu) [India], May 11 :          The Income Tax Department on Friday filed prosecution complaints under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 against Karti Chidambaram, his mother, Nalini Chidambaram and wife, Srinidhi Chidambaram.

The prosecution case filed under section 50 of the Black Money Act at a Chennai court, alleged that the trio made investments in foreign assets which were not disclosed fully or partly in their returns.
The accused purchased an immovable property worth Rs 5.37 crore in Cambridge, United Kingdom, but the same was not disclosed in their Income Tax Return.

Karti Chidambaram also invested Rs 3.28 crore in Nanoholdings LLC in USA and Rs 80 Lakh in Totus Tennis Ltd through his domestic company, Chess Global Advisory Services private limited.
The IT Department had recently issued notices against Karti and his family members under Section 10(1) of the Black Money Act, which was challenged by him in the Madras High Court.
The court later dismissed his writ petition.

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