The case stems from a complaint by BJP leader Subramanian Swamy, who had alleged “cheating” in the acquisition of Associated Journal Limited (AJL), the publisher of National Herald, by YI — a firm in which Sonia and Rahul Gandhi each have a 38 per cent stake.
Swamy had alleged that the Congress gave an unsecured loan to YI to acquire AJL.
The company withdrew the plea after a division bench of Justice S Muralidhar and Justice Chander Shekhar asked it to approach the concerned Income Tax assessing officer.
The bench dismissed the plea as it was withdrawn.
The plea had sought to quash wo Income Tax notices sent to YI in January and March with regard to the assessment year 2011-12. The plea also urged the court to give a direction to the IT Department to not take further action against it on the basis of these notices.
Besides the Gandhis, Congress leaders Motilal Vora, Oscar Fernandes, Suman Dubey, Sam Pitroda and YI are accused in the case.
Swamy had accused them of allegedly conspiring to cheat and misappropriate funds by just paying Rs 50 lakh, by which YI obtained the right to recover Rs 90.25 crore which AJL owed to the Congress.