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National Herald case: Delhi HC reserves verdict

National Herald case: Delhi HC reserves verdict
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The Delhi High Court on Thursday (August 16) reserved the judgment on the pleas by Rahul Gandhi, Sonia Gandhi and Oscar Fernandes challenging Income Tax (IT) department move to reopen the FY 2011-2012 tax assessment file of Young Indian-Associated Journals Ltd.

ASG Tushar Mehta submitted a detail reply and said that Rahul Gandhi and others have furnished the false information about their directorship in the company.

“Section 25 companies may be used to park money, or for money laundering Under Section 25 Company Act, if company earns profit, it’s a taxable entity. True and full details of sister concerns not disclosed.  We have sufficient material and documents against all,” Mehta said.

Senior Advocate P Chidambaram for Young Indian-Associated Journals Ltd countered the arguments of Mehta said: “Reassessment procedure against Young Indian alleged that it is a bogus transaction, would I pay Rs 50 lakh for nothing? Managing committee decides the price, which is the fair selling value between a willing buyer and purchaser. Huge speculation on increase in price can’t be made. This is a complete case of non application of mind. All this enhancement of value in share price is a mere speculation.”

—India Legal Bureau

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