No retrospective criminalisation under Black Money Act: Bombay High Court issues notice to Attorney General on Anil Ambani plea

The IT department had sent a notice to Ambani for his alleged evasion of ₹420 crore in taxes on undisclosed funds worth more than ₹814 crore held in Swiss bank accounts.
Anil Ambani and Bombay High Court
Anil Ambani and Bombay High CourtAnil Ambani ( Twitter)

The Bombay High Court on Monday admonished the Income Tax Department for their retrospective action taken against Chairman of Reliance (ADA) Group, Anil Ambani in connection with initiation of income tax proceedings against him under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

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