Supreme Court paves way for IT assessments of two businessmen sons of former CJI Y.K. Sabharwal
A Bench of Justices J.B. Pardiwala and K. Vinod Chandran dismissed four appeals filed by Chetan and Nitin Sabharwal, while upholding income tax reassessment notices issued for assessment years 2008-09 and 2009-10
The Supreme Court of India has cleared the way for income-tax assessments of the two businessmen sons of former Chief Justice YK Sabharwal in connection with share transactions that funded the purchase of a prime property in Delhi's Sikandra Road in 2010. A bench of Justices JB Pardiwala and K Vinod Chandran dismissed four appeals filed by Chetan and Nitin Sabharwal while upholding reassessment notices issued by the Income Tax Department for assessment years 2008-09 and 2009-10.
The court found that the Income Tax Department had a valid reason to believe that income chargeable to tax had escaped assessment, based on a probe report provided by the director general.
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