Business News
Home > Business News
I-T Deptt gathers evidence against bizman for having foreign assets
TIWN
TIWN
PHOTO : TIWN
New Delhi, Dec 6 (TIWN) 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.
Add your Comment
Comments (0)
More Business News
- Indian tech leaders stand behind Ola's Bhavish in his fight against Microsoft & LinkedIn
- How volatility hit the Indian markets in last three elections
- Dell discloses data breach of some customers’ names, physical addresses
- India on the cusp of becoming a global tech powerhouse: Industry leaders
- Air India Express row: 85 flights cancelled as cabin crew members continue strike