TMI BlogIncome Tax Department detects Foreign Assets in recent searchX X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Department detects Foreign Assets in recent search - News and Press Release Dated:- 29-7-2019 - News - Income Tax Department conducted searches on 23rd July, 2019 in a group covering 13 premises across 3 States (Delhi, Haryana Himachal Pradesh). The group, controlled by persons who have significant political presence in a neighbouring State for decades and a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re occupying responsible political positions, has been generating large amounts of undisclosed income over several decades. 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 front men and corporations across Continents. One of the persons covered duri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng 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 ₹ 200 crore, apart from domestic tax evasion of more than ₹ 30 crore which, may, inter alia lead to severe criminal consequences under the B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lack Money Act, 2015 , apart from action under the Income Tax Act, 1961 . These findings may also have multi agency ramifications. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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