Hasan Ali's tax liability goes down 11,000 times in last nine years.
The Income Tax (I-T) Department's assessment of income and tax liability for Pune businessman Hasan Ali Khan has gone down 11,000 times in last nine years, reported by the India Express.
In 2007, I-T Department cited Rs 1,10,410 crore as his income between 2001-02 and 2007-08 and the tax liability on this income was appraised at Rs 34,000 crore.
This same figure was brought down to Rs 10 crore and the tax liability a mere Rs 3 crore on February by the Income Tax Appellate Tribunal (ITAT).
According to the report, the I-T department failed to establish its claims in court and the matter has now been sent back to the assessing officer for re-assessment.
Enforcement Directorate (ED) had slapped money laundering charges of $8 billion on Khan and was arrested in March 2011.
“If you find the $8 billion you are looking for in my account, take it,” Khan is said to have told an assistant director of enforcement during an I-T raid at his Pune residence in January 2007.
The trial in the money laundering case is yet to begin and the ITAT passed an order setting aside the assessment of alleged foreign income of Khan almost in its entirety, according to the report.
A source said, "The effect of the Tribunal’s judgement is that currently the only tax liability that stands confirmed against Khan is less than Rs 4 crore. Besides, Khan gets another opportunity to prove his innocence."
In May 2014, The Indian Express had reported that Finance ministry’s documents suggest the authorities had little hope of winning any income tax case or appeal pending against Khan.
The Bombay High Court granted him bail last year after him being in jail between March 2011 and September 2015.
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 "Hasan Ali's tax liability goes down 11,000 times in last nine years")
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