It Tribunal News Today : Breaking News, Live Updates & Top Stories | Vimarsana

In a decision that could have a bearing on other `HSBC account cases, a tax tribunal last week has ruled that the I-T department cannot go back 16 years to reopen old matters to tax the ‘peak balance lying in such bank accounts. Why? Because, according to the Mumbai bench of the Income Tax Appellate Tribunal --- a quasi judicial authority --- a bank balance reflects 'assets' and not ‘income, and, under the law, only income can be taxed.

3 cases closed, 20 stalled; officials say probe is open, will act if required.

Congress leader Ajay Maken has raised concerns over the alleged undemocratic withdrawal of ₹65 crore from the party's bank accounts by the income tax department.

"The Income Tax department had written to various banks to withdraw a sum of Rs 65 crore from different bank accounts of the Congress and Indian Youth Congress in view of the demand raised by the Income Tax authorities earlier, despite the appellate authorities hearing the case," Maken told PTI.

Party treasurer Ajay Maken has claimed that 'democracy will be over if the action of probe agencies goes unchecked' and said the Congress has full faith in the judiciary