Recently as per report Income Tax department has charge sheeted former Union Minister P Chidambaram’s son Karti Chidambaram, his daughter in law Srinidhi and wife Nalini under the Black Money Act. Accordingly the charge sheets have been filed under Section 50 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The main charge against the family is their failure, in part or full, to disclose assets in the United Kingdom and the United States.
Moreover according to the charge sheet, Karti, Srinidhi and Nalini have not disclosed information about investments in a property in Cambridge, UK as well as investments/beneficial ownership in Totus Tennis Limited and NanoHoldings LLC, which constitutes an offence under Section 50 of the Black Money Act.
Further the Cambridge property refers to an immovable property at No.5,
Holben Close, Barton, and Cambridge CB23 7AQ, United Kingdom, reportedly
acquired by the Chidambarams in 2015 for Rs 5.37 crore. Recently the investigations
by the Income Tax Department also revealed that Karti Chidambaram had made
investments to the tune of Rs 3.28 crore and Rs 80 lakh in Nano Holdings LLC,
USA and in Totus Tennis Limited, UK respectively, through his domestic company
Chess Global Advisory Services Private Limited and the matter has been posted
for hearing on June 11.
Who is Country's Highest Earning MLA? According to the latest report of the Association for Democratic Reforms (ADR) and the National Election Watch, YS Jagan from Andhra Pradesh is India's fifth most earning MLA. Jagan's annual earnings are pegged at Rs 13.92 Crore. Reports added including the earning of his wife YS Bharati and the income of other family members, his total income stood at Rs 18.13 Crore per year.
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