Income Tax Department detects Foreign Assets in recent search
by The Author on July 29, 2019
Short Story:
- IT Department of India found undisclosed foreign assets of Rs. 200 crore.
- Black money stashed abroad in the form of lavish properties in the names of foreign trusts/companies
- In income tax searches believed to be linked to Political Persons
Detailed story:
Income Tax Department of India conducted searches in a group covering 13 premises on 23rd July 2019 at Delhi, Haryana & Himachal Pradesh.
The group, controlled by persons who have a significant political presence.
Evidence detected so far reveals undisclosed cash dealings of huge amounts in immovable property transactions, construction etc.
The black money generated in India through various means has been stashed abroad in the form of lavish properties in the names of foreign trusts/companies located in tax havens.
Such foreign holdings of the main persons have remained hidden for decades beneath complex multi-layered structures, located in different countries including BVI, Panama, UK, UAE & Jersey. These structures have involved various frontmen and corporations across Continents. One of the persons covered during the search operation was trying to obtain citizenship of a Caribbean Island.
The investigation, which has successfully lifted the mask, has detected undisclosed foreign assets of the said persons of more than Rs. 200 crore, apart from domestic tax evasion of more than Rs. 30 crores which, may, inter alia lead to severe criminal consequences under the Black Money Act, 2015, apart from action under the Income Tax Act, 1961. These findings may also have multi-agency ramifications.
News Sources :
https://timesofindia.indiatimes.com/india/i-t-unearths-foreign-assets-worth-rs-200-crore-of-congress-leader/articleshow/70425661.cms