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Income Tax officials reject Abhishek Manu Singhvi's claims, slap penalty

India TV News Desk 11 Nov 2014, 11:30:03 AM IST
India TV News Desk

New Delhi: A move which could add more worries to Congress leader Abhishek Manu Singhvi, the Income Tax Settlement Commission (ITSC) has added Rs 91.95 crore to his declared income over a period of three-year.

Not only this, the department has also slapped a penalty of Rs 56.67 crore on Singhvi.

According to a report published in The Indian Express, the Congress leader moved to the ITSC seeking immunity after already having declared an income of Rs 11 crore. He had paid Rs 3 crore tax for the assessment year of 2010-11.

The order has since been stayed and a probe into the matter was launched.

Singhv had informed the ITSC that he is unable to produce documents of proof to back his claim as a termite attack at his chartered accountant's office in December 2012 destroyed all records.

Singhvi moved the Jodhpur High Court which stayed a 103-page Commission order passed on September 11 this year.

The Commission also probed Singhvi's claim that he spent Rs 35.98 crore on purchase of solar panels for his company, Rishab Enterprises.

The panel also challenged Singhvi's claim that the net income he earned from his legal practice was in the range of 55 per cent.