Delhi high court dismisses plea by the Aam Aadmi Party seeking quashing of a demand notice for recovery of Rs 97 crore towards advertising expenditure incurred by the party.
— IT Department has passed an order asking the party to pay Rs 30.67cr as tax.
— Total taxable income calculated by Income Tax is Rs. 68.44 cr.
— IT Department order says that money received as donations in its bank account was not recorded in the books of accounts.
— AAP had not declared Rs. 13.16 cr received in its bank account in its books
— AAP had not recorded full details of at least 461 donors who had allegedly donated Rs. 6.26 cr (Each donation amount exceeds Rs. 20,000).
— During course of investigation it was found that AAP had not disclosed donation of Rs 36.95 cr on its website.
— According to the order AAP will not get exemption from income tax for financial year 2015 – 16. Political parties are entitled to tax exemption subject to conditions.
— IT has also initiated penalty proceedings against AAP.