Mukesh Ambani family case: I-T department concludes tax proceedings

Assessment order passed under section 10(3) of Black Money Act

The Income-Tax (I-T) Department has closed the proceedings against members of Reliance Industries chairman Mukesh Ambani’s family under the provisions of Black Money Act, 2015, initiated by the department in 2019 for alleged undisclosed foreign income and assets. 

The matter was time-barred with an end date of March 31. According to the I-T department, the Ambani family had refuted all charges. 

Four separate final assessment orders have been passed under Section 10 (3) of the BM Act in the case relating to Mukesh Ambani’s wife Nita Ambani and their three children, an official in the know told Business Standard.

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