New Delhi: The 24-page notice issued by the Income Tax department to Young Indian (YI) Pvt Limited termed Congress chief Sonia Gandhi and party vice-president Rahul Gandhi as “the real beneficiary of the transaction” carried out to acquire properties worth Rs 2,000 crore.CNN-News18 has accessed a copy of the I-T notice, a day after a political storm broke out in the wake of the Delhi High Court’s refusal to stay the tax proceedings against YI and its directors.
As per the notice issued under Section 148 of the I-T Act for a reassessment of YI’s income for the financial year 2010-11, a clear-cut case of attempts to evade taxes through sham transactions and incorrect reporting of financials was made out. YI was incorporated as a non-profit making company with its stated objective as: ‘Youth commitment to the ideal of democratic and secular society’.Also Read | Setback for Rahul and Sonia as HC Allows I-T Probe Into Young Indian
The I-T department found it curious that all the people involved in the series of transactions were common and were connected to Congress, AJL and YI.
The department adds: “A pre-meditated scheme was devised to obtain control over immovable properties of AJL worth several hundred crores by persons who incorporated YI... acquisition of property was the real target of the transaction.”
It further maintains that the swiftness with which the properties of AJL at prime locations across India were acquired by YI by making a meager investment of Rs 50 lakh through the takeover of AJL was possible due to common office-bearers of these parties, who were in-charge of management of all the parties to these transactions.
“This proves that all the three entities were same and one in reality but on the paper, these three are distinct and different legal entities,” says the notice.
About the alleged role played by Priyanka, the I-T department claims: “In order to achieve the object of taking over 100 percent shares of AJL by YI, Sonia, Rahul and Priyanka Gandhi Vadhera also purchased additional 47513 and 26244 shares of AJL through Rattan Deep Trust and Janhit Nidhi Trust respectively.”
“The real purpose of the loan from INC and allotment of share to YI by AJL was in reality only to transfer immovable properties of AJL to YI along with full right over rental income and business income from real estate business of AJL without paying any taxes. The artificially inserted steps have no business purpose except for evading taxes on income earned by YI on the takeover of immovable properties of AJL,” according to the I-T notice.
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