tiol Herald case: Young Indian asked to deposit Rs 10cr

New Delhi, March 19: The Delhi High Court on Monday directed Young Indian Pvt Ltd (YI), whose major stakeholders are Congress President Rahul Gandhi and his mother Sonia Gandhi, to deposit Rs 10 crore in the Rs 249.15 crore income tax proceedings against the firm. A bench of Justices S. Ravindra Bhat and A.K. Chawla asked the company to deposit half the amount with the Income Tax Department before March 31 and the remaining by April 15.

The High Court directed the IT Department not to enforce the demand of Rs 249.15 crore. The court listed the matter for April 24 for further hearing seeking response from IT Department on the plea. The company requested the court to stay the recovery of tax and interest of Rs 249.15 crore raised in pursuance to a December 27 notice issued under section 156 of the IT Act for the assessment year 2011-12. (IANS)

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