The Income Tax Department on Friday filed four prosecution complaints against the former Finance Minister P Chidambaram and his family members - Karti Chidambaram, Nalini Chidambaram, Srinidhi Chidambaram - for allegedly making investments in foreign assets and not disclosing it in their tax returns.
The charge-sheets or prosecution complaints have been filed by the I-T department before a special court in Chennai under Section 50 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, tax officials said.
Nalini Chidambaram, Karti and Srinidhi have been charged for allegedly not disclosing, either partly or fully, immovable assets like the one at Cambridge in the UK worth Rs 5.37 crore, property worth Rs 80 lakh in the same country and asset worth Rs 3.28 crore in the US, they said.
The charge-sheets claimed that the Chidambarams "did not disclose" these investments to the tax authority as also by the firm co-owned by Karti-- Chess Global Advisory, in violation of the black money law.
The law was brought by the Modi government in 2015 as part of its drive against black money and to prosecute those Indians who have secretly stashed illicit wealth abroad.
The department had recently issued notices to Karti and his family members in the case which he had challenged before the Madras High Court.
Last month, the tax authorities had issued fresh summons to Karti Chidambaram, son of former finance minister P Chidambaram, under criminal sections of the Black Money Act seeking details about a UK-based asset, a move challenged by him.
Karti was asked to depose before the investigating officer of the case in Chennai under the provision of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act of 2015 that deals with undisclosed assets stashed abroad.
The tax department had said that it wanted to seek details about the transactions undertaken by Karti for acquiring an immovable property located in Cambridge. However, Karti refused to join the probe stating that he had already submitted the details of the asset and related transactions undertaken last year to another tax authority and that "parallel proceedings" cannot take place against an individual under the same law.
The department had slapped the Black Money Act against Karti last year after it found that assets were created abroad by him, in alleged violation of the law. The new anti-black money law deals with cases of overseas illegal assets, which till recently were probed under the Income Tax Act, 1961.
With PTI inputs