[dropcap color=”#008040″ boxed=”yes” boxed_radius=”8px” class=”” id=””]A[/dropcap] recently surfaced letter from the Deputy Commissioner of Income Tax (IT) dept. in Lucknow proves that the Department was well aware of illegal fund flow from Congress party to National Herald publishing company 13 years ago! The IT document published at the end of this articles exposes that on December 28, 2004, the Lucknow Unit had alerted the Delhi IT unit that AJL got Rs.5.3 crores ($826,000) from Congress party illegally.
The saga of National Herald should convince anyone that Congress party has no respect for the laws of the country.
This illegal payment from Congress party happened during the period 2001 to 2002. “During the course of assessment proceedings for AY 02-03 in the case of M/s Associated Journals Ltd. (AJL), it is found that your assessee i.e. All India Congress Committee has given an interest free loan Rs.5,30,00,000 ($826,000) during the period 1.4.2001 to 31.3.2002. This information is being passed to you for necessary action at your end,” said the Income Tax’s Lucknow Unit’s letter to New Delhi Unit titled as “Passing of Information.”
At that time the treasurer of Congress was Motilal Vora, who was also the Chairman of AJL. Vora became the Treasurer of the party when Sonia Gandhi captured the President-ship of the party in 1998, by unceremoniously removing Sitatam Kesri. The episode, described as ToiletGate details how the then President of the party, Sitaram Kesri was locked up in a toilet to enable Sonia become the President of the Congress Party.
As per rules, a political party cannot give funds to a business activity. The saga of National Herald should convince anyone that Congress party has no respect for the laws of the country. The ongoing National Herald case exposes that the public limited company AJL has received Rs.90 crores ($12.5 million) from Congress party to settle his dues. Mysteriously the new private limited company Young Indian, with 76 percent of shares owned by Sonia Gandhi and Rahul Gandhi decided to take over the Rs.90 crore ($12.5 million) worth dues of AJL at a valued price of Rs.50 lakhs ($78,000). Till date none has explained how Rs.90 crores got valued at Rs.50 lakhs. By this curious deal, AJL decided to allot 99.9 percent of its shares to Young Indian. Many of the 1000 plus shareholders of AJL who were contacted said they did not know of the fact that AJL was being sold to Young Indian! By this fraud, Young Indian with just five lakh share capital floated in December 2010, became the owner of AJL’s Rs.5000 crores ($779 million) worth land assets and buildings across India.
As the original notice is not so legible, for the benefit of the readers, the contents of the notice are shown below:
OFFICE OF THE DY. COMMISSIONER OF INCOME TAX R-IV
DCITR-IV 04-09 28.12.2004
The Deputy Commissioner of Income Tax
Sub : Passing of information – reg.
Kindly refer to the above subject.
During the course of assessment proceedings for AY 02-03 in the case of M/s Associated Journals Ltd., it is found that your Assessee i.e. All India Congress Committee has given an interest free loan Rs.5,30,00,000 during the period 1.4.2001 to 31.3.2002. This information is being passed to you for necessary action at your end
Deputy Commissioner of IT
Encls : As above
The original alert notice of Income Tax Lucknow Unit is published below:
1. The conversion rate used in this article is 1 USD = 64.16 Rupees.
2. Text in Blue points to additional data on the topic.
Latest posts by Team PGurus (see all)
- These are the best of times to live in - September 21, 2019
- By paying tax Shivakumar cannot turn tainted property into untainted, ED tells the court. Exposes huge money laundering - September 20, 2019
- Dravidian parties’ opposition to Hindi - September 19, 2019