May 11, 2018: The Income Tax Department today filed four charge sheets against former Union Finance Minister P Chidambaram, his wife Nalini, son Karti and daughter-in-law Srinidhi for allegedly not disclosing their foreign assets.
The charge sheets were filed before a Special Chennai Court under Black Money Act. IT officials said, Nailini, Karti and Srinidhi have been charged for not disclosing their immovable assets in the UK and USA worth crores of rupees.
The IT Department recently issued notices to Karti and his family members in the case, which, he challenged before Madras High Court. Karti refused to join the probe stating that he had already submitted the details of the assets and related transactions to another tax authority and as such, parallel proceedings cannot take place against an individual under the same law.
The petition was later quashed by the High Court. The new Income Tax law provides, a steep 120 per cent tax and penalty on undisclosed foreign assets and income besides carrying a jail term up to 10 years. (AIR News)
