National Herald case: Delhi HC asks Young Indian Pvt Ltd to deposit Rs 10 crore in I-T case by 15 April

New Delhi: The Delhi High Court on Monday directed Young Indian Private Limited, in which Congress president Rahul Gandhi and his mother Sonia Gandhi are major stakeholders, to deposit Rs 10 crore in the Rs 249.15 crore income tax proceedings against it. A bench of Justices S Ravindra Bhat and AK Chawla directed the company — earlier summoned along with Sonia Gandhi and Rahul Gandhi as an accused by a trial court in the National Herald misappropriation of assets case — to deposit half the amount with the Income Tax department before 31 March and the remaining by 15 April. [caption id=“attachment_4313861” align=“alignleft” width=“380”] Representational image. PTI[/caption] The high court said subject to deposit of the amount, the tax authorities shall not enforce the demand of Rs 249.15 crore made on the company for the assessment year 2011-12. The high court also sought the I-T department’s response on the company’s plea challenging the demand and the proceedings emanating from it and listed the matter for further hearing on 24 April. The company had on 14 March moved the high court seeking a stay on the income tax proceedings against it. Young Indian, which was incorporated in November 2010 with a capital of Rs 50 lakh, had acquired almost all the shareholding of Associated Journal Limited (AJL), the owner of the National Herald newspaper. The I-T department’s move followed its probe on a complaint alleging that the Gandhis had misappropriated AJL’s assets while transferring their shares to the newly formed Young Indian.