IT department requests SC to be made party to SEBI Sahara Case
The SEBI Sahara dispute has taken a new turn and to protect its interests, the income tax department has filed an application in the Supreme Court wanting to be impleaded as a party in the on-goingSebi-Sahara dispute.The application is likely to be heard on Thursday by a three bench comprising justices TS Thakur, AR Dave and AK Sikri.
In the last few months the debt laden and controversy stuck Sahara group had tried to sell its assets in London and New York and raise some funds. The bench will also consider releasing Sahara group chief Subrata Roy from Tihar jail on interim bail as the group has deposited Rs 3,117 crore of the Rs 5,000 crore with Sebi and promised to pay the remaining Rs 1,883 crore soon.
There are 3 crore investors of Sahara group and the IT department in its application has said that it is entitled to levy tax on Rs 20,000 crore that the company is supposed to refund to all these investors.
The IT department had issued a demand notice to the company;however Sahara had rejected it saying it wasn’t maintainable. Due to these irregularities the IT department has requested the SC to be made a party in this case so that they can take care of the tax related irregularities.
Source- The Financial Express
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