City
Epaper

I-T Deptt gathers evidence against bizman for having foreign assets

By IANS | Updated: December 6, 2021 13:55 IST

New Delhi, Dec 6 The Income Tax (I-T) Department on Monday said that recently they had initiated search ...

Open in App

New Delhi, Dec 6 The Income Tax (I-T) Department on Monday said that recently they had initiated search action against a taxpayer in Delhi who has created a beneficiary trust and an underlying company in low tax overseas jurisdiction.

The residence and business premises of the assessee were covered in the search action.

The search operation revealed that these undisclosed entities in low tax overseas jurisdictions were holding assets worth Rs 40 crore in the form of immovable and movable assets.

The taxpayer was availing handling services of a foreign bank having branches in India that offers wealth management, financial planning, asset allocation, equity research, fixed income, investment strategies and fiduciary services.

During the search operation at his residence, corroborating evidence in the form of e-mails and documents have been found establishing his beneficial ownership of the foreign assets.

In his statement recorded during the search, he has admitted to the ownership of foreign assets.

At the business premises, one hard disk containing data in the form of a parallel set of books of accounts has been found.

A preliminary analysis of such gathered evidence indicates understatement of domestic income to the tune of Rs 30 crore from business undertaken in India.

Further investigations are under progress.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: delhiNew DelhiThe new delhi municipal councilDelhi south-west`delhiDelhi capitalSouth delhi district administrationIto delhiGhaziabad district administration
Open in App

Related Stories

NationalDelhi Hit-and-Run Case: Security Guard Run Over by SUV in Vasant Kunj After Asking Driver Not to Honk; CCTV Footage Surfaces

NationalDelhi: Teenage Girl's Body Found Hanging From Tree at Japanese Park in Rohini; Police Suspect Suicide

TechnologyDelhi Teen’s Spine Damaged Due to PUBG Addiction, Doctors Warn of Paralysis Risk

EntertainmentAjith Kumar Injured in Fan Frenzy After Padma Bhushan Award Ceremony, Actor Hospitalized In Chennai

NationalDilli Haat Fire: Massive Blaze Erupts at Delhi's Popular Market, 26 Shops Gutted (Watch Video)

International Realted Stories

International14 injured in pre-dawn US airstrikes on Yemeni capital: Medics

InternationalIndia urges Asian Development Bank to discontinue financial support to Pakistan: Report

InternationalNZ Central Bank warns of impact of AI rise on financial stability

InternationalReelected Australian PM pledges to deliver election promise

InternationalEarthquake In Pakistan: 4.2 Magnitude Tremor Jolts Region, No Casualties Reported