Sahara's Aamby Valley Gets Rs 24,646 cr Income Tax Notice

In yet another blow to Sahara, the Income Tax department has issued a Rs 24,646 crore tax demand notice to group firm Aamby Valley Limited (AVL) after an special audit.

The department, as part of a special investigation and audit into the account books of AVL, found that an income of over Rs 48,000 crore for a particular assessment year was allegedly not reflected in the record books of the firm and hence it raised a fresh tax demand and penalty amount on it.

The notice was issued by the taxman in January 2017 after the special audit of AVL's income for the Assessment Year 2012-13 found that the parent firm had allegedly floated a clutch of Special Purpose Vehicles whose incomes were later accounted on the account of AVL as they were merged with the former in due course of time.

The AVL, in its income return filed for AY 2012-13, had reflected a loss of few crores but the special I-T audit brought up the added income