In a fresh trouble for Sahara, the Income Tax authorities have raised a claim of Rs10,050 crore against the two Sahara firms which are in the centre of a huge controversy for collecting money to the tune of Rs22,000 crore under an optionally fully convertible debenture (OFCD) scheme.
The scheme had come under cloud following an objection raised by Securities Exchange Board of India (SEBI) which sought a list of depositors under the scheme.Moving an application in the pending dispute between Sahara firms and SEBI in the Supreme Court, the IT Department informed the Court that it wished to assist the Court in the matter. Initially turning down the offer, the bench of Justices TS Thakur, AR Dave and AK Sikri, later directed the agency to supply details of all assessment orders raised by it in the past years.
Additional Solicitor General (ASG) Tushar Mehta informed the Court that the assessment order of income of the two Sahara firms in question — Sahara Real Estate and Sahara Housing Finance Corporation was to the tune of Rs10,050 crore. He stated that the assessment was purely of the income generated under the scheme as the veracity of depositors was still under doubt. According to Mehta, the department took a sample survey of investors who deposited money in the OFCDs and found only 800 against their correct addresses and names. The process may lead to a re-assessment and hence increase in the assessment order.
The bench pointed out to ASG, “If there are no depositors, the money has come from some unknown source. What has the department done for the past seven years to find out where the money came from. Have you started the process. Tell us what action you have taken and what you propose to take.” The Court gave three weeks to the department to come back with the following information along with copy of assessment orders and proceedings pending in courts/tribunals in this regard.
Meanwhile, the Court also reserved orders on an application filed by Roy, seeking interim release from jail for 40 days in order to negotiate sale of his overseas properties. Roy was sent to jail by the apex court on March 4 as he refused to comply with the order of the Court to refund Rs28,000 crore under the OFCD scheme to SEBI.