Australian court freezes assets of Indian over tax liability claim

An Australian court today froze the assets of the wife of an Indian tycoon Pankaj Oswal in a bid to recover an alleged tax liability of $140 million.

Radhika Oswal has been ordered to furnish a detailed list of her assets and liabilities to the federal court in Perth by May 27.

Justice John Gilmour today extended to June 7 a freeze on the Oswals' partly-built Perth mansion at Peppermint Grove and a house in Dalkeith. He also extended a freeze on Oswal's shareholding in Burrup Holdings to the same date, according to AAP report.

Legal counsel for Radhika said she did not oppose the freeze orders but also did not consent to them. He said she maintained the tax office's assessments were incorrect.

The $140 million sought by the Australian Tax Office (ATO) includes more than $60 million in penalties, the report said.

ATO has dragged her to court over a $140 million alleged debt, a claim that has been strongly denied.

The tax office has claimed that Radhika owed $74.2 million in back taxes from the 2006-07 financial year, $6 million from the 2009-10 financial year, and also seeking $60 million in administrative penalties, the report said.