Rs 24,647 cr I-T notice: Now, Aamby Valley slapped with a tax penalty

The income tax department has slapped a Rs 24,647 crore demand notice on Sahara's Aamby Valley project for the assessment year 2012-13 after the department added Rs 48,000 crore to Aamby Valley's income, according to a report in Times of India. 

The report further said this will be the biggest tax penalty slapped on any corporate in India.

According to the ToI report, Aamby Valley had shown a loss of about Rs 14 crore in 2012-13. However, a special audit by the income tax department found that the company's 8 special purpose vehicles had made an income of more than Rs 27,000