PRESS RELEASE
Raghav Bahl Denies BTVI Report: All Disclosures Made in IT Returns
It has come to our notice that BTVI is running a story with a highlighted alert that claims “ED tells Court, it is conducting an Investigating matter with regard to Raghav Bahl” [sic]. On May 9, 2019, a Correspondent from BTVI had sought comments from Mr. Raghav Bahl, and in response, BTVI was duly informed that “All the allegations in your mail are completely and totally denied. Every transaction has been fully disclosed and assessed to tax. The value of the property is less than 15% of the number given in your mail, and it has been fully financed through legitimate LRS payments via banking channels, along with permitted mortgage funds overseas. To repeat, your allegations are completely and factually wrong.”
As the story is mischievous and misleading, based on half-baked and factually incorrect information, the true and correct position and facts on record known to us are hereby being released in the public domain to rebut any wrongful impressions created by the story. The only proceedings we are aware of relate to a Show-Cause Notice dated May 1, 2019 which was duly replied to on May 2, 2019. Further clarifications along with relevant documents were sent by way of email to the concerned Authority on the same day. The said Show-Cause Notice seeks information with regard to a property outside India and the source of funds for an investment made in that property. All the funds invested in the property are from income on which taxes have been duly paid, and have been duly, undisputedly and consistently disclosed in the Foreign Asset Schedule of the Income Tax Returns of Mr. Raghav Bahl and his wife and children. The entire funds invested in that property have been remitted through the banking channel under the scheme approved by the Reserve Bank of India and all taxes have been duly paid. All the information and documents with regard to the concerned property are on the records of the concerned Authority.
Therefore, in our mind, the above-stated facts and records available with authorities foreclose any speculation with regard to any investigations and/or actions initiated by the Authority against Mr. Raghav Bahl. It is stated that Mr. Raghav Bahl, as a responsible and law-abiding citizen of India, has always duly disclosed all foreign assets and/or investments in his Income Tax Returns.
[NOTE: This is a press release by Mr Raghav Bahl, co-founder and Editor-in-Chief of The Quint. This statement has been made in his personal capacity and is not a statement by or behalf of The Quint or Quintillion Media Private Limited. The Quint neither endorses nor is responsible for the same.]
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