Hasan Ali showcaused over Rs 40,000cr I-T penalty

New Delhi, Mar 4: Just after a day when the investigative agency was bashed by the Supreme Court over slow proceedings in Black Money investigation, the Income tax officials sent showcause notice to India's biggest tax defaulter Hasan Ali. Sources reported that the I-T officials on Friday, Mar 4, issued the notice to Ali over non payment of penalties worth Rs 40,000 crore.

The showcause notice has been issued asking why proceedings should not be initiated against Ali, sources informed. The biggest tax defaulter Ali has been asked to reply to the notice within 15 days, ie till Mar 17 and Mar 18.

Ali, who has already been interrogated by Enforcement Directorate (ED) over cross border transaction, could choose to reply to the I-T tribunal's notice or to challenge it by moving the high court.

Earlier on Thursday, Mar 3, the Supreme Court bashed the government for failing to crack down on the likes of Hasan Ali, a Pune-based stud farm owner.

"What is in the way of taking action against Hasan Ali? How many years will investigations continue against Ali," the court chided.

The Bench, headed by Justice B Sudershan Reddy, further questioned as to what prevented the government from subjecting Ali and other alleged black money launderers to custodial interrogation.

Ali is said to have stashed away about $8 billion in foreign banks and was earlier issued tax notices for about 50,000 crore.

OneIndia News