Tax Tribunal - Latest News Update, Information, Photos & Videos on Tax Tribunal at Lokmat Times

Following Congress Treasurer Ajay Maken's announcement that the party's bank accounts were frozen, the tax tribunal clarified that there were no restrictions on the party accessing its bank accounts. This clarification came after Vivek Tankha, Rajya Sabha MP and lawyer, represented the Congress party before the Income Tax Appellate Tribunal bench in Delhi. Tankha argued that the freezing of the party's accounts would hinder its participation in the upcoming Lok Sabha elections. However, the tax tribunal informed Tankha that there would only be a lien on the bank account, with no restriction on the party's ability to operate it. Tankha also noted that the hearing on the merits would take place on Wednesday.Earlier in the day, Maken addressed a press conference, revealing that the Youth Congress party's bank account had also been frozen. He expressed concern over the impact on the party's financial activities, stating that they were unable to cover expenses such as electricity bills and employee salaries. Maken further disclosed that the Income Tax Department had demanded a recovery of Rs 210 crore from both the Youth Congress and the Congress party, leading to the freezing of their crowdfunding accounts. He criticized the timing of these actions, just two weeks before the elections, likening it to an attack on democracy itself.Maken said, “We got information yesterday that banks are not honouring the cheque we are issuing. On further investigation, we got to know that the Youth Congress bank accounts have been frozen. The accounts of the Congress party have also been seized. Income tax asked for ₹210 crore recovery from Youth Congress and Congress party. The crowdfunding money in our accounts has been frozen. Just 2 weeks before elections when the opposition's accounts are frozen, it is equivalent to freezing the democracy..." Questioning the motive behind the alleged freeze of party accounts ahead of the forthcoming parliamentary elections, the Congress leader said, “For the first time in the country's history, accounts of the principal opposition party have been frozen by the tax authorities on flimsy grounds, barely two weeks before the announcement of general elections. "He said and further asserted, “Right now we don't have any money to spend, to pay electricity bills, to pay salaries to our employees. Everything will be impacted, not only Nyay Yatra but all political activities will be impacted..."

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Tax tribunal, Latest News

National :Tax Tribunal Allows Congress to Operate 'Frozen' Accounts, Providing Relief

Following Congress Treasurer Ajay Maken's announcement that the party's bank accounts were frozen, the tax tribunal clarified that there ... ...