‘Ambani overseas income case’: I-T dept seeks clarifications

MUMBAI: The income tax (IT) department has sought clarifications from overseas following show-cause notices to the family members of Reliance Industries chairman Mukesh Ambani regarding alleged evasion on account of foreign income, according to people with knowledge of the matter. The Ambanis have said the notices are illegal, challenged an HSBC note that sparked the case and argued that the law can’t be applied with retrospective effect, they added.

“While letters to four countries have already been sent last month, certain queries in connection with those being sent to the other three countries were sought and the same have been addressed,” said one of them. “These notices will be dispatched soon.”