After the Australian Taxation Office (ATO) issued Pankaj Oswal and his wife Radhika with Departure Prohibition Orders over Mrs. Oswal’s unpaid tax bill, the businessman has said it's just a "tactic to intimidate" the couple.
The ATO barred the Indian entrepreneur and his wife from leaving the country after they arrived in Australia last week. The tax authorities claim Mrs. Oswal has $190 million in unpaid taxes.
Mr. Oswal told Indian news agency, PTI that the couple had returned to Australia voluntarily to settle their ongoing cases.
"The issuance of DPO is merely a tactic to intimidate us.”
Mr. Oswal said that the ATO's claim is for the capital gains tax.
“Radhika and I were living in Australia on a temporary resident visa and the issue of paying capital gain tax does not arise for non-residents. So, we are not liable to pay capital gains tax,” he told the PTI.
"The matter with the ATO relates to alleged claims of 190 million AUD owned by Radhika Oswal. Let me state here that as part of pre-trial hearings, independent experts have given their testimony that the claim against Radhika cannot be for more than 32 million AUD which itself is a contested amount that we believe to be zero,” he added.
The couple left Australia suddenly in 2011 after ANZ bank recalled loans of $860 million on their 65 per cent-owned Burrup fertiliser plant, over financial irregularities.
The bank claims Mr Oswal still owes about $100 million and the Oswals are seeking damages over losses they incurred after the plant was put into receivership.
The tax office has argued that Mrs Oswal tried to defraud and hinder creditors by placing a $45 million mortgage over their two properties in Peppermint Grove and Dalkeith, a claim that the Oswals dispute.
