I-T tribunal issues showcause notice to Hasan Ali

The Income Tax department today issued a showcause notice to Pune-based businessman Hasan Ali Khan for non payment of penalties worth 40,000 crore. The man in question

The Income Tax department on Friday issued a showcause notice to Pune-based businessman Hasan Ali Khan for non payment of penalties worth 40,000 crore.

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The I-T tribunal asked Ali why should not proceedings be initiated against him.He has been asked to file a reply to the notice within 15 days.

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The Supreme Court blasted the central government on Thursday for not being able to interrogate Khan and others in custody for hoarding black money despite having sufficient proof against them.

It also ordered the reinstatement of three Enforcement Directorate (ED) officials, who had been allegedly transferred while probing the foreign exchange rules violation charges against Khan.

Khan, who is alleged to have stashed away around $8 billion in foreign banks, had been served a tax demand notice for Rs 50,000 crore.