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Sahara’s Amby Valley receives Income Tax notice

The Income Tax department has issued a Rs 24,646-crore tax demand notice to Sahara Group’s Aamby Valley Limited after conducting a special audit of the company.

During the scrutiny of records,the department, as part of a special investigation and audit into the account books of AVL, found that an income of over Rs 48,000 crore for a particular assessment year was allegedly not reflected in the record books of the firm. This led to the issuance of a fresh tax demand and penalty amount on it.

A Sahara Group spokesperson confirmed the development to PTI.

‘Yes, the Income Tax Department has raised Rs 48,085.79 crores to the income of the Aamby Valley Limited with a total demand of income tax of Rs 24,646.96 crores on the Aamby Valley Limited,’ the spokesperson said in a brief statement.

The news comes at the time when Supreme Court has asked Bombay High Court;s official liquidator to sell Rs.34,000 crore worth properties of Amby Valley which is owned by the Sahara Group of Companies. It also had directed it’s chief Subrata Roy to appear before the judges personally on April 28,2017.

“Enough is enough. You cannot say something today and resile tomorrow,” a bench, comprising Justices Dipak Misra, Ranjan Gogoi and A K Sikri, had said, since Subrata Roy could not submit just over Rs 5,000 crore by the Sahara Group.

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