Black money: Orders reserved on Chidambaram family’s plea

The first bench comprising Chief Justice Indira Banerjee and Justice PT Asha reserved orders after hearing detailed arguments put forth by senior advocate Gopal Subramanium for Chidambaram’s kin and Assistant Solicitor General G Rajagopalan for the I-T Department.

The case pertains to I-T Department issuing notices for reassessment under Section 10 of the Black Money Act to Nalini Chidambaram, Karti Chidambaram and Srindhi Chidambaram, in relation to the purchase of certain property in Cambridge, UK, and investments made by Chess Global Advisory Services Private Limited, in which Karti Chidambaram is a director.

The crux of the case revolves around the aspect as to whether a revised Income Tax Return (ITR) filed under Section 139 (5) of the Income Tax Act would substitute an ITR originally filed under Section 139 (1) of the I-T Act, for prosecution under the Black Money Act.

Also, it was submitted by Subramanium that the Black Money Act deals with undisclosed income raised from foreign assets. But in this case, all relevant information had been disclosed by the petitioners in their ITRs under the I-T Act, he argued.