Madras HC quashes IT prosecution of P Chidambaram's kin

Chennai (Tamil Nadu) [India], Nov 2 (ANI): Madras High Court on Friday quashed a sanction order issued by Income Tax officials for the prosecution of former Union Minister P Chidambaram's wife, son and daughter-in-law under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
The bench also quashed the private complaints filed against Chidambaram's kin by the IT department before the Economic Offence Wing (EOW) court in Egmore.
The Division Bench comprising Justice S Manikumar and Justice Subramonium Prasad had reserved its order on September 3 on the appeal filed by Chidambaram's wife Nalini, son Karti and daughter-in-law Srinidhi. In their appeal, they had challenged the prosecution initiated by the IT department.
The prosecution proceedings were quashed on the grounds that the sanction orders were not issued in accordance with the law.
The case pertains to an alleged non-disclosure of overseas assets and bank accounts held by Chidambaram's family members.
The prosecution case filed by the Income Tax Department on May 11, this year, under section 50 of the Black Money Act at a Chennai court alleged that the trio made investments in foreign assets which were not disclosed fully or partly in their returns.
It was alleged that they purchased immovable property worth Rs 5.37 crore in Cambridge, United Kingdom, but the same was not disclosed in their Income Tax return.
Apart from this, the IT department had also alleged that Karti Chidambaram invested Rs 3.28 crore in Nanoholdings LLC in the USA and Rs 80 Lakh in Totus Tennis Ltd through his domestic company, Chess Global Advisory Services private limited. (ANI)