IT Dept files black money charges against Karti Chidambaram, others
11 May 2018
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, Dr Srinidhi Rangarajan.
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 IT complaints accused Karti of not disclosing the purchase of an immovable property worth Rs5.37 crore in Cambridge, United Kingdom, investing Rs3.28 crore in Nanoholdings LLC in the US and Rs80 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.
Karti challenged this in the Madras High Court, which later dismissed his writ petition.