Delhi High Court has ordered probe into the National Herald Case. It dates back to Nov 2010when Young Indian was incorporated with a capital of Rs.50 lakhs which had acquired almost all the shareholding of the Associated Journal Ltd,that owned the National Herald newspaper.
A complaint was then filed by NJP MP Subramanian Swamy, in a rial court, who had accused the Gandhis and others by entering into a conspiracy to cheat the authorities by taking over the company with a paltry Rs.50 lakhs but had gained rights to recover Rs 90.25 crore which the Associated Journal Ltd owed to the Congress party.
Based on the complaint, notices under Sec 147/148 were issued under the Income Tax Act by the authorities since the department claimed the person concerned has escaped paying taxes for the assessment year 2011-12. Young India approached High Court wanting this order to be stayed and re-assessment notice to be quashed.
The counsel for the Income Tax Department had opposed the petition, saying the firm has not moved the assessing officer and hence its plea was not maintainable. Following this the trial court summoned Gandhis and others including Motilal Vora, Oscar Fernandes, Suman Dubey and Sam Pitroda besides Young Indian on 26th June 2014 who denied all the allegations against them.
Since the High Court rejected their please on 7th Dec 2015, these parties obtained bai from the trial court on 19th Dec 2015.
According to IT records, 83.3 per cent of Young Indian was held by Sonia and Rahul, 15.5 per cent by Vohra and the remaining 1.2 per cent by Fernandes.
Now with the High Court ordering the probe to be carried further by refusing to order the stay order, trouble is brewing for Gandhis.
“We are not inclined to entertain your writ petition. It is better that you withdraw it and approach the income tax assessing officer,” a bench of Justices S Muralidhar and Chander Shekhar said.