I-T dept issues demand notice of Rs 1,800 crore to Congress amidst LS poll preparations

News Network
March 29, 2024

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The Income Tax department has issued a notice of approximately Rs 1,800 crore to the Congress party, exacerbating its financial concerns ahead of the crucial 2024 Lok Sabha elections, multiple reports revealed on Friday.

The development comes after the Delhi High Court rejected the party's plea challenging reassessment proceedings for four assessment years.

The new demand pertains to assessment years 2017-18 to 2020-21 and includes penalties and interest. The Congress party now awaits reassessment for three other assessment years, expected to conclude by Sunday, the stipulated deadline, said a report.

Congress lawyer and RS MP Vivek Tankha alleged that the fresh notice of nearly Rs 1,800 crore was served on the party on Thursday without key accompanying documents.

"We received the demand notice without assessment orders. The govt appeared keener to serve us with demand rather than issue us reasons for reassessment," a news paper quoted Tankha as saying. He further added, "this is how the main opposition party is being strangled financially, and that too during the Lok Sabha elections".

Delhi HC rejects plea

The Delhi High Court, on Thursday, dismissed petitions filed by the Congress challenging the initiation of tax reassessment proceedings spanning four years by tax authorities. Justices Yashwant Varma and Purushaindra Kumar Kaurav, comprising the bench, stated that the pleas were rejected in line with their earlier decision to abstain from intervening in the reopening of reassessment for an additional year.

The subject matter of the case pertained to assessment years from 2017 to 2021.

In a previous petition dismissed the week before, the Congress party had contested the initiation of reassessment proceedings concerning assessment years 2014-15 to 2016-17.

The High Court dismissed the plea, citing that the tax authority had prima facie gathered "substantial and concrete" evidence warranting further scrutiny. The tax department alleged that approximately Rs 520 crore had evaded assessment during these three years.

Additionally, the department revealed that searches conducted on entities, including some purportedly linked to Karnataka deputy chief minister D K Shivakumar and a company in Surat, had uncovered cash transactions involving Congress. These transactions were cited as violations, disqualifying the party from tax exemption available to political parties.

In the absence of exemption, parties are treated as "association of persons" and are obligated to pay taxes on their reported income. Moreover, the cash transactions are included in their total income.

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News Network
July 18,2024

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Mangaluru, July 18: Dozens of passengers had a narrow escape after a fire erupted in the engine of a KSRTC Airavat bus traveling from Bengaluru to Mangaluru at Uppinangady on National Highway 75 on Thursday morning.

The fire was quickly extinguished by the driver and conductor of the bus with the help of local residents.

At around 6:30 am on Thursday, as the bus reached Subrahmanya Curve in Uppinangady, smoke began to fill the interior. Upon stopping the bus, the fire in the engine intensified.

Panchayat staff Isaac and Iqbaal, along with local residents Snake Zakariya, Siddik Koppal, and Joy, rushed to the scene and helped extinguish the fire using water and sand from the riverbank. They had been observing the flood situation in the river from the roadside when they noticed the smoke.

The bus had departed from Bengaluru on Wednesday night at 10:30 pm. Due to traffic congestion in the Shiradi Ghat section, there was a three-hour delay. The fire erupted when the bus finally reached Uppinangady.

The passengers were transferred to another bus, according to Airavat bus conductor Ashok Jadhav.

Traffic movement was affected as the bus was parked on the road after the fire was spotted, causing a one-kilometer-long line of vehicles on both sides of the highway.

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Agencies
July 15,2024

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The Bharatiya Janata Party will sink like the Titanic if Prime Minister Narendra Modi is left in command, stated firebrand saffron party leader Subramanian Swamy in an X post on Monday.

"If we in BJP want to see our party sink like the Titantic Ship then Modi is the best to command," he said, adding, "By-Election results show BJP is cracking up to sink forever."

Swamy's post comes after the I.N.D.I.A. bloc managed massive gains in the assembly bypolls, whose results were declared on Saturday. The coalition managed to win 10 of the 13 seats, restricting BJP to only two victories. An Independent candidate won the 13th seat.

Among the I.N.D.I.A. bloc, TMC and Congress were the biggest winners, bagging four seats each, while AAP and DMK managed one each. BJP also lost the Badrinath seat in Uttarakhand, in what is seen as a blow by the Congress following the saffron party's loss in Ayodhya in the 2024 Lok Sabha elections.

Congress sought to project a larger political message in the Badrinath victory saying that Hindutva followers were being electorally bashed up in places of significance to Hindu religion.

Swamy has been railing against BJP top leaders like Modi and Home Minister Amit Shah for some time now. When the Modi government declared June 25 as the 'murder of Constitution day', Swamy remarked on X "What was Mody [Modi] or Amit Shah’s contribution to actively opposing the Emergency?", adding, "Credit snitching is a bad disease."

Recently, he also spoke on the consequences Modi's visit to Russia would have on India-US relations.

After the Lok Sabha polls, which saw Modi return to power for a third term, albeit with diminished margins, and only with help from alliance partners Nitish Kumar and JD(U) and Chandrababu Naidu and TDP, Swamy remarked, "The most devastating outcome of the 2024 Lok Sabha Election Results could be that Modi will find his assembled crowds evaporated before he could say 'namaste'."

"The surprise is that he did not realise that in a democracy no one can take the people for granted," he had concluded.

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Agencies
July 12,2024

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New Delhi: Retail inflation increased to 5.08 per cent in June as kitchen items became dearer, according to government data released on Friday.

The Consumer Price Index (CPI) based retail inflation was 4.8 per cent in May 2024 and 4.87 per cent in June 2023 (previous low).

Inflation in the food basket was 9.36 per cent in June, up from 8.69 per cent in May, according to the data released by the National Statistical Office (NSO).

The government has tasked the Reserve Bank of India (RBI) to ensure that the CPI inflation remains at 4 per cent with a margin of 2 per cent on either side.

The RBI projected the CPI inflation for 2024-25 at 4.5 per cent, with Q1 at 4.9 per cent, Q2 at 3.8 per cent, Q3 at 4.6 per cent, and Q4 at 4.5 per cent.

The central bank mainly factors in the retail inflation while deciding its bi-monthly monetary policy.

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