HomeWorldIndiaExplanation: What are ED and IT states against Rahul and Sonia Gandhi?

Explanation: What are ED and IT states against Rahul and Sonia Gandhi?

Rahul has been summoned for Questioning again on Monday (June 20), while it was mother Sonia Gandhi will be questioned on June 23. Earlier, the agency questioned Congress party leaders Mallikargon outside and Pawan Bansal.

What is the case?

ED status based on A court order allowing the Income Tax Department to investigate affairs of The National Herald and conduct a tax assessment of Sonia and Rahul. was the order result of Petition filed by MP Subramanian Swami of the BJP in 2013.

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Swami’s complaint alleging fraud and embezzlement of funds on Section of Gandhi in Get the newspaper. Swami alleged that the Gandhi family acquired real estate owned by the National Herald by buying the paper’s former publishers, The Associated Journal Limited (AJL), through an organization called Young Indian (YI). in of which they have an 86 per cent stake.

Sonia and Rahul have been released on bail in The case before the Court of First Instance on December 19, 2015.

In Swami’s complaint before the Court of First Instance, Sonia, Rahul and others were charged of Misappropriation of funds by paying INR 50,000 through YI to get the right to recover Rs 90.25 crore owed by AJL to Congress.

what happened with National Herald?

Jawaharlal Nehru founded The National Herald in 1938. Published by AJL, a subsidiary of Division 25, which is generally not-forProfit entity. AJL also National Publication Awaz in Urdu, Navjivan in Indian.

The company owns prime real Property in various Cities including Delhi, Mumbai, Lucknow, Patna and Panchkula. Suffering from over and underemployment of In revenue, AJL suffered losses and stopped publishing in April 2008.

after posting of Income newspaper has been suspended of AJL mainly came from exploitation of various The property you hold. One of that it key The properties are located at 5A Herald House, Bahadurshah Zafar Marg, New Delhi.

Rahul Gandhi with party Workers march to ED office in Delhi on Monday. (Quick photo Prem Nath Pandey)

Meanwhile, the All India Congress Committee (AICC), the summit body of Indian National Congress, gave the company unsecured and interest-free loans for few years up Until 2010.

what happened after that?

at the end of 2010, AJL Unlocked debt It rose to Rs 90.21 crore. Although possessive real Real estate that is said to be of great value higher from the sleeve of that it debtAdministration of Looks like AJL has made No effort to repay AICC. According to the Income Tax Department’s investigation, real estate owned by AJL had a fair market Value (FMV) of over 413 crores.

On November 23, 2010, a company called Young Indian Pvt Ltd was incorporated as a 25th division company, with Gandhi family Loyalists Suman Dubey and Satyan Gangaram (Sam) Petroda as directors. object of It was said that the company: “to inculcate in the mind of India’s youth commitment to the ideal of A democratic and secular society…”

Sonia Gandhi and Rahul Gandhi (file photo via PTI)

However, once established, both directors moved shares To Congress Leaders Oscar Fernandez, Sonia Gandhi, Rahul Gandhi and Moti Lal Vora (now deceased). Later, on December 13, 2010, Rahul Gandhi is appointed as Director of Indian youth and, on January 22, 2011, Sonia Gandhi joined The board as a manager.

as such of March 2017, Sonia Gandhi and Rahul Gandhi had stakes of 38% each in company. Fora and Fernandez acquired the remaining 24 percent in equal parts.

Then YI registered itself under Article 12a of Income tax law as a charitable organization, making it eligible for 100% tax exemption.

What was the AJL-YI-AICC deal?

After forming of YI, AICC has decided to allocate approximately Rs 90 crore to AJL debt to the newly formed organisation. young indian push just 50 lakh rupees for This acquisition.

The loan for YI has been converted to shares of AJL and AJL have allocated 9,02,16,899 equity shares to indian youth in instead of of the aforementioned loan amount. In this way, approximately 99.99% shares of AJL transferred to Young Indian.

The IT department claimed that in In order to achieve the goal of owns 100 percent share of Rahul Gandhi and Priyanka Gandhi Vadra purchase 47,513 and an additional 2,62,411 AJL shares Through Rattan Deep Trust and Janhit Nidhi Trust respectively.

Interestingly, at that time of AJL’s acquisition of Young Indian with driven up capital of 5 lakh rupees, you don’t even have money 50 lakh rupees acquire AJL. So I decided to get a loan of 1 crore from M/s Dotex Merchandise Pvt. Ltd., Kolkata. Dotex, which the Income Tax Department claimed was a company that allowed entry into the accommodations for Commission, now owned by RPG Group.

this loan of 1 crore rupee can also Classified as a “suspicious transaction” by the Financial Intelligence Unit of Ministry of Finance.

Notably, AICC transferred its loan to YI on December 28, 2010, more More than two months ago YI made No payment to AICC. in factAt that time, Yi didn’t even have a file bank the account. His IT investigation found That YI started in office In the Herald House owned by AJL in 2010 itself without any agreement on it effect or any batch of Rent to AJL.

The IT department has raised doubts about the alleged loan Congress sent to AJL saying there is no evidence of Except in books of AJL. “The amount of Loan entry of It was 90.21 crore rupees fixed in Yes ensure that amount I was just enough to allocate 99% share of AJL to the Appellant (YI),” said the IT filing to the IT Appeals Tribunal.

What are the questions about the deal?

AICC has transferred all of its loans to YI for just 50 lakh rupees, claiming that it was not so sure If the AJL would be in Position to return the loan. IT investigation confirmed that AJL had characteristics worth hundreds of crores, thus it was indeed in very good Position to return the loan.

also, in Notes for accounts for The financial year 2010-11 of AJL, it was reported that management was confident of Transformation for company. Since the same people they were office bearers of Both AICC and AJL, it was weird for The former Assuming that her loan cannot be recovered.

else key The questions were of conflict of benefit, with Furra holds positions in All three entities involved – AICC Treasurer (formerly), AJL CMD, Shareholder and director In Young Indian. Also, acting of People’s Law, 1950, no allow Politician party to me give Loan.

what is the situation of IT issue now?

The IT department had earlier issued a notice to Rahul for He allegedly hides information on set him as manager of Indian young man. He said that Rahul shares in Produced by the Indian youth in Enter of 154 crore, while only Rs 68 thousand was valued earlier. Similar notices were issued to Sonia and Fernandez, even as she sought to reopen the valuation to calculate the “fair” value market the value” of these shares.

Rahul, Sonya and Fernandez challenged this, arguing that no income escaped the assessment, and they revealed all the facts. One key Controversy against The re-evaluation was that YI, as a subsidiary of the 25th Division, has applied for Exemption under Section 12a of Income tax law that has been granted on May 9, 2011.

However, CIT (E) canceled the registration granted to YI u/s 12A on October 26, 2017 on On the grounds that no real activities have been carried out out Also by YI in Strengthen of Its objectives or otherwise, which may be considered charitable. The IT Court upheld the cancellation. Order March 31, 2022 of The IT Court of Appeal asked the IT department to make further inquiries about the matter, even when it occurred down Some tax demands by the department on Y.I.

What is Congressional Defense?

Congress accused the BJP government of cheap revenge politics To divert attention from the issues like Inflation and GDP social turbulence and social cleavage in Country. The party case said of money laundering It was “strange”, and the shipments were “empty…more hollow out of the package of cards”.

Congress Leader Abhishek Manu Singhvi says AJL has collapsed financial Stress over The decades that Congress ascend afterwards inAnd the over a period of Gave the time Rs 90 crore and odd K financial support to her.

According to Singhvi, AJL has done what any company has done debt Will do, ie to convert files debt To the equity eventually acquired by Young Indian. Since Young Indian is a not-for-profit organization, he said, “By law… no dividends can be given to its shareholders or directors… so you can’t take a penny.”

Singhvi said that AJL continues to hold all the properties it held earlier, and that the only change is that Young Indian is now the shareholder of AJL.

So there is no conversion of property. where is money laundering? ” He said.

.

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Sallie Anderson
Sallie Anderson
Sallie works as the Writer at World Weekly News. She likes to write about the latest trends going on in our world and share it with our readers.

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