The Income Tax department has issued a Rs 24,646 crore tax demand notice to Sahara Group’s Aamby Valley limited (AVl) after conducting a special audit of the company.
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 and hence it raised a fresh tax demand and penalty amount on it.
A Sahara Group spokesperson confirmed the development to the news agency 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.
Officials said the notice was issued by the taxman in January this year after the special audit of AVl’s income for the Assessment Year 2012-13 found that the parent firm had allegedly floated a clutch of Special Purpose Vehicles whose incomes were later accounted on the account of AVl as they were merged with the former in due course of time.