look news india
A big controversy has arisen due to freezing of bank accounts of the country's oldest party and the main opposition party, Congress. The matter has been taken to the Congress Court.
The Income Tax Department froze the accounts of the Indian National Congress and Youth Congress. After this, Congress approached the Appellate Tribunal, which hears such tax disputes, from where it got relief.
However, this relief has come with the condition that Congress will have to keep Rs 115 crore in its account. Now the question is what is the dispute of Rs 115 crore?
On Friday, Congress National Treasurer Ajay Maken told in a press conference that the Income Tax Department has frozen the accounts of the Congress Party and its youth wing. Apart from this, a tax demand of Rs 210 crore has been issued against the party.
This matter is not recent but 5 years old. In the last Lok Sabha elections i.e. financial year 2018-19, Congress had termed this action of the Income Tax Department as an attack on democracy before the 2024 Lok Sabha elections.
Along with the relief Congress got from ITAT, the term lien mark account has been used to maintain the limit of Rs 115 crore. If you understand just this, then the whole matter of freezing the account of Congress will be understood.
What is the dispute of Rs 115 crore?
You can understand Lien Mark Account better from Term Guarantee. When we go to take a loan, the bank keeps its documents with us as guarantee. So that if there is no recovery, his money does not get lost and he remains safe. As people have made their EMIs and other bill payments online and automatically, lien marks have also started being placed on their accounts.
Now if we understand this in the case of Congress, the Income Tax Department has recovered a loan of Rs 210 crore from Congress. Congress has appealed against this in ITAT. In this way the matter has now become a matter of legal dispute, in such a situation the money will remain stuck till the final decision of the case.
