Breather For Anil Ambani From Bombay High Court On Black Money Act Notice
NDTV
The court directed the I-T department to respond to Anil Ambani's contention that provisions of the Black Money Act may not have a retrospective effect.
In a breather for Reliance Group Chairman Anil Ambani, the Bombay High Court on Monday directed the Income Tax department not to take any coercive action against him till November 17 on a show cause notice seeking to prosecute him under the Black Money Act. When the matter came up for hearing, senior counsel Rafique Dada, appearing for Mr Ambani, said provisions of the Act cannot have a retrospective effect, while advocate Akhileshwar Sharma, appearing for the I-T department, sought time to respond to the petition.
A division bench of Justices S V Gangapurwala and R N Laddha permitted the same and posted the petition for hearing on November 17.
"The Income Tax department shall till the next date not take any coercive action against the petitioner (Ambani) in pursuance to the show cause notice," the bench said.
It also directed the I-T department to respond to Mr Ambani's contention that provisions of the Black Money Act may not have a retrospective effect.
