Active Stocks
Wed Apr 24 2024 10:37:36
  1. Tata Steel share price
  2. 163.55 1.52%
  1. ITC share price
  2. 430.00 0.19%
  1. Power Grid Corporation Of India share price
  2. 288.25 1.14%
  1. HDFC Bank share price
  2. 1,520.30 0.87%
  1. NTPC share price
  2. 349.95 0.88%
Business News/ Politics / News/  Congress approaches Tribunal after I-T department seizes 65 crore from its bank accounts
BackBack

Congress approaches Tribunal after I-T department seizes ₹65 crore from its bank accounts

The I-T department on February 20 recovered ₹65 crore from the account of the Indian National Congress out of the total outstanding tax dues of ₹115 crore, according to sources.

Congress General Secretary in-charge of Communications Jairam Ramesh addresses the media during a press conference in New Delhi on Wednesday. (ANI Photo)Premium
Congress General Secretary in-charge of Communications Jairam Ramesh addresses the media during a press conference in New Delhi on Wednesday. (ANI Photo)

The Income Tax Appellate Tribunal will take up on February 21 the Congress party's appeal regarding the recovery of 65 crore from its bank accounts by the Income Tax (I-T) department. The total outstanding tax dues on the Congress party is 115 crore.

Sources said that the I-T department on February 20 recovered 65 crore from the account of the Indian National Congress out of the total outstanding tax dues of 115 crore.

The Congress complaint before the Tribunal, according to the sources, said that the I-T department had enforced its lein by encashing some of the balances lying with the banks without waiting for the outcome of the hearing scheduled before the bench. The Congress has appealed that the department should not proceed further till the disposal of the stay application, the sources said.

The Tribunal has directed that the status quo be maintained till the matter is heard on February 21.

 

Last week, Congress leader and treasurer Ajay Maken alleged that the I-T department had frozen the four bank accounts of the party and the Youth Congress, and a demand of 210 crore has been raised in connection with the income tax return case of 2018-19.

The I-T department, on its part, informed the Tribunal that it has not frozen the Congress’s bank accounts but only asked for a lien on the amount, according to an earlier demand. Later, another Congress leader Vivek Tankha said that the party's bank accounts were unfrozen by the IT Appellate Tribunal after the party filed an appeal.

The issue dates back to 2018-19 when the Congress filed the ITR late. Based on the assessment, a demand of 103 crore was raised. Payment delays resulted in increased interest.

The Congress moved the first level of appeal to the Commissioner of Income Tax (A). As per the rule, an assessee needs to pay 20 per cent of the outstanding amount before the matter is taken up. However, the Congress paid only 78 lakh against the requirement of 21 crore.

The Congress party's appeal was dismissed and the demand was revised to 104 crore. In May 2023, the Congress moved a second appeal before the Delhi bench of the I-T Tribunal. Sources said that the party has so far paid just 2.5 crore.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Politics News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 21 Feb 2024, 03:38 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App