Congress president Rahul Gandhi might be in some serious trouble as the Income Tax Department has raised red flags for his returns for the assessment year 2011-12. Gandhi did not reveal his role in the Young India company, a major accused in the National Herald case.
"It was observed that even though the assessee Sh. Rahul Gandhi held shares of Young India and was also one of its directors yet in the statement of assets and liabilities as on 31st March 2011 furnished by the assessee during the course of assessment proceedings for the relevant assessment year, this ownership of shares of Young India was not disclosed by the assessee," read the income tax notice issued to the Congress president reads.
According to the IT department, the stakes that Gandhi holds in Young India would lead him to have an income of Rs 154 crore and not around Rs 68 lakh, as assessed by the Income Tax department earlier.
However, Rahul Gandhi on Wednesday threw an open challenge for the opening of his 2011-12 assessment case. The matter has been listed for further hearing on August 14 by a bench of justices S Ravindra Bhat and AK Chawla, after Tushar Mehta, Additional Solicitor Genral (ASG) opposed against the issuance of interim order.
Meanwhile, Tushar Mehta has given his assurance that no step would be taken by the tax department against the Congress president Rahul Gandhi till the next hearing.