High Court rejects Sonia, Rahul's plea against Income Tax notice
New Delhi, Sep 10 : The Delhi High Court on Monday dismissed Congress President Rahul Gandhi and his mother Sonia Gandhi's plea challenging the Income Tax notice seeking tax reassessment for the financial year 2011-2012.
The order of a bench came while hearing the plea of Rahul, Sonia Gandhi and her party colleague Oscar Fernandes against March I-T notice seeking tax reassessment. They have allegedly not disclosed their income earned through Young Indian Pvt Ltd (YI) for the year 2011-2012.
The I-T department has told the court that they have concealed facts for evading tax.
Rahul Gandhi and Sonia Gandhi are major stakeholders in Young Indian which has acquired Associated Journals Limited (AJL). National Herald newspaper was published by AJL.
Earlier in March, Young Indian requested the court to stay the recovery of tax and interest of Rs 249.15 crore raised in pursuance to a December 27, 2017 notice issued under section 156 of the IT Act for the assessment year 2011-12.
The company has submitted that it is a charitable firm and does not have any income and that Income Tax authorities have wrongly raised a demand of Rs 249 crore for the assessment year 2011-12.
On March 19, the Delhi High Court directed Young Indian to deposit Rs 10 crore in the Rs 249.15 crore income tax proceedings against the firm.
Bharatiya Janata Party leader Subramanian Swamy had filed a complaint of "cheating" in the acquisition of AJL.
Swamy had accused them of allegedly conspiring to cheat and misappropriate funds by paying only Rs 50 lakh, by which Young Indian Pvt Ltd obtained the right to recover Rs 90.25 crore which AJL owed to the Congress.
The other accused in the case are Motilal Vora, Suman Dubey, Sam Pitroda and Young Indian.
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Trump launches new effort to reopen Strait of Hormuz
Dubai (AP): US forces on Monday launched an effort to guide commercial ships through the Strait of Hormuz, where hundreds have been stuck since the Iran war began.
Two American-flagged merchant ships have “successfully transited” through the critical waterway, the US military said. Separately, the US military denied Iran's claims that it struck an American Navy vessel southeast of the strait.
Iran handed over its latest proposal for negotiations with the US to mediators in Pakistan, Iran's state-run IRNA news agency reported Friday. Trump subsequently said he's “not satisfied” with it, but did not elaborate on the proposal's apparent shortcomings. The shaky ceasefire between the US and Iran has lasted for three weeks.
Here's the latest:
European leaders see Trump's troop drawdown from Germany as new proof they must go it alone
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European leaders on Monday said President Trump's snap decision to pull thousands of US troops out of Germany came as a surprise but is a fresh sign that Europe must take care of its own security.
The Pentagon announced last week that it would pull some 5,000 troops out of Germany, but Trump told reporters Saturday that “we're going to cut way down. And we're cutting a lot further than 5,000.”
He offered no reason for the move, which blindsided NATO, but his decision came amid an escalating dispute with German Chancellor Friedrich Merz over the US-Israeli war on Iran, and Trump's anger over European allies' reluctance to get involved in the conflict in the Middle East.
Wall Street hesitates and oil prices climb with uncertainty about the Strait of Hormuz
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The US stock market is holding tentatively near its record heights Monday, while oil prices climb with uncertainty about when oil tankers can resume crossing the Strait of Hormuz and restore the world's flow of crude. Dueling claims about a possible Iranian strike on a U.S. Navy vessel in the strait heightened the tensions.
The S&P 500 slipped 0.1 per cent, coming off its latest all-time high. The Dow Jones Industrial Average was down 216 points, or 0.4 per cent, as of 9:35 am Eastern time, and the Nasdaq composite was up 0.1 per cent.
The action was stronger in the oil market, where the price for a barrel of Brent crude climbed 2 per cent to USD 110.37 and briefly topped USD 114 during the morning. Iran's closure of the Strait of Hormuz due to its war with the United States has kept oil tankers pent up in the Persian Gulf and away from customers worldwide. That in turn has sent the price of Brent soaring from roughly USD 70 per barrel before the war.
Iran stands firm on its grip of the strait
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The disruption of the waterway has squeezed countries in Europe and Asia that depend on Persian Gulf oil and gas, raising prices far beyond the region.
Trump has promised to bring down gas prices as he faces midterm elections this year.
The US has warned shipping companies they could face sanctions for paying Iran for transit of the strait. It has enacted a naval blockade on Iranian ports since April 13, telling 49 commercial ships to turn back, U.S. Central Command said Sunday. The blockade has deprived Tehran of oil revenue it needs to shore up its ailing economy.
US officials have expressed hope the blockade forces Iran back to the negotiation table.
US claims progress in reopening the Strait of Hormuz, saying two merchant ships have transited
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The US military said Monday that two American-flagged merchant ships had successfully transited the Strait of Hormuz and Navy guided-missile destroyers in the Persian Gulf were helping to restore shipping traffic. It separately denied Iran's claims to have struck an American Navy vessel.
The announcement came a day after US President Donald Trump announced a new initiative to help guide ships through the critical waterway for global energy. Iran has effectively closed the strait since the US and Israel started the war Feb 28, rattling the global economy.
The US-led Joint Maritime Information Center has advised ships to cross the strait in Oman's waters, saying it set up an “enhanced security area.” U.S. Central Command didn't say when the Navy ships arrived or when the merchant vessels departed.
It was unclear whether shipping companies, and their insurers, will feel comfortable taking the risk given that Iran has fired on ships in the waterway and vowed to keep doing so.
