Sonia Gandhi moves court in National Herald case
The income tax department has malafide intentions of sending a reassessment notice to Young India Pvt Ltd, senior Congress leader Sonia Gandhi told Delhi High Court on Tuesday.
Senior advocate P Chidambaram appearing for Gandhi, submitted that she had not earned any income as a shareholder of Young India Pvt Ltd, which acquired Associated Journals Limited.
"The debt of Rs 90 crore on the Young Indian company, when converted into equity, did not result in any income for levying tax. Even if this was go into the hands of Young Indian's shareholders like the former Congress President," the court was told.
YI, which was incorporated in November 2010 with a capital of Rs 50 lakh, had acquired almost all the shareholdings of the AJL, which owns the National Herald newspaper. Additional Solicitor General Tushar Mehta, appearing for the income tax department, told court that the tax department has re-opened the assessment against Congress President Rahul Gandhi as he had suppressed information of him being a director of Young India.
The court has listed the matter for further hearing on August 16.