New Delhi:
The Income Tax department has filed a case against former Nasscom chief Kiran Karnik.
The I-T department has moved the Supreme Court alleging that Karnik had evaded tax to the tune of Rs 3.71 crore in 2002-03, when he was heading Discovery Networks.
The tax authorities challenged a Gujarat High Court judgement that had dismissed their appeal holding that Karnik could not be held guilty.
However, the apex court rejected Karnik's counsel's plea to allow him to file a counter affidavit. Karnik, as head of Discovery Networks, had received crores from a US-based company, but had furnished inaccurate particulars of such income.
The bench said there was no need to file the affidavit keeping in view the nature of the matter.
Seeking imposition of penalties, which were deleted by the sectoral tribunal under the I-T Act 1961, the department has alleged that Karnik had failed to prove with evidence that he was under bonafide belief that Unit Appreciation Plan (UAP)--an incentive scheme, receipts were not taxable.
According to the Revenue, the assessee had not concealed his particulars of his income but had furnished inaccurate particulars of such income of around Rs 1.30 crore and Rs 3.72 crore for 2001-02 and 2002-03, respectively,
While he had disclosed the same in his Income Tax returns, he had claimed exemption from tax as the amount was received in the nature of gifts through his employer in India.
The I-T department has moved the Supreme Court alleging that Karnik had evaded tax to the tune of Rs 3.71 crore in 2002-03, when he was heading Discovery Networks.
The tax authorities challenged a Gujarat High Court judgement that had dismissed their appeal holding that Karnik could not be held guilty.
However, the apex court rejected Karnik's counsel's plea to allow him to file a counter affidavit. Karnik, as head of Discovery Networks, had received crores from a US-based company, but had furnished inaccurate particulars of such income.
The bench said there was no need to file the affidavit keeping in view the nature of the matter.
Seeking imposition of penalties, which were deleted by the sectoral tribunal under the I-T Act 1961, the department has alleged that Karnik had failed to prove with evidence that he was under bonafide belief that Unit Appreciation Plan (UAP)--an incentive scheme, receipts were not taxable.
According to the Revenue, the assessee had not concealed his particulars of his income but had furnished inaccurate particulars of such income of around Rs 1.30 crore and Rs 3.72 crore for 2001-02 and 2002-03, respectively,
While he had disclosed the same in his Income Tax returns, he had claimed exemption from tax as the amount was received in the nature of gifts through his employer in India.
Track Latest News Live on NDTV.com and get news updates from India and around the world
