Bombay High Court Grants Anil Ambani Interim Protection in Black Money Act Tax Evasion Case
The Bombay High Court has granted interim protection from prosecution and penalty to industrialist Anil Ambani in a tax evasion case involving alleged undisclosed foreign assets worth ₹814 crore. Ambani challenged the constitutional validity of provisions of the Black Money Act, arguing they cannot have retrospective effect on transactions from 2006-2011. The court admitted his petition while allowing his appeal before the Commissioner of Income Tax to proceed, but barred coercive action until the case is finally decided.
The Bombay High Court granted interim relief to Anil Ambani on June 10, 2026, protecting him from prosecution and penalties while his constitutional challenge to the Black Money Act proceeds. The Income Tax Department had issued a notice in August 2022 alleging that Ambani evaded ₹420 crore in taxes on undisclosed funds held in Swiss bank accounts through two entities: Diamond Trust (Bahamas) and Northern Atlantic Trading Unlimited (British Virgin Islands). The Department charged Ambani with willful evasion for failing to disclose these foreign assets in his income tax returns and sought prosecution under the Black Money Act, which carries a maximum penalty of 10 years imprisonment. Ambani's petition argues that the 2015 Black Money Act cannot be applied retrospectively to transactions from assessment years 2006-2007 and 2010-2011. The court directed the Union government to file a response and clarified that no coercive action, including prosecution and penalty, shall be taken against Ambani until the writ petition is heard and disposed of, though his appeal before the Income Tax Commissioner can proceed.
What different sources said
Related
Nike Faces Continued Challenges Despite Leadership Change
Nike has experienced ongoing setbacks in running, product development, and brand strategy despite Elliott Hill's return as leader. Hill's appointment was expected to revitalize the struggling athletic brand. The company's inability to regain momentum raises questions about its competitive position in the athletic apparel market.
SpaceX Claims Investment-Grade Credit Ratings Ahead of Potential Bond Issuance
SpaceX has reportedly secured investment-grade credit ratings from three major rating agencies, according to sources cited by Bloomberg. The ratings could lower the company's borrowing costs as it pursues additional financing following a potential initial public offering. This development signals growing confidence in SpaceX's financial stability among major institutional investors.
Cannabis Shop Owner Faces Lawsuit Over Alleged Misuse of $1.5 Million Business Loan
Jennifer Tzar, owner of a SoHo cannabis dispensary, is being sued by her lender Fire Escape for allegedly misusing $230,000 of a $1.5 million business loan on personal expenses, including travel, meals, and payments to friends and family. Tzar denies the allegations as part of a hostile takeover attempt and has filed her own lawsuit claiming conflicts of interest involving the lender's attorney. The case involves disputes over loan fund usage, workplace conduct allegations, and questions about the legitimacy of the lender's takeover bid.