NEW DELHI, Dec 6: Continuing its anti tax evasion drive, the Income Tax (I-T) department on Monday conducted search and seizure operations on a Delhi-based taxpayer running a beneficiary trust in a low tax overseas jurisdiction commonly referred as tax heaven.
A preliminary analysis of the evidences has indicate understatement of domestic income to the tune of Rs 30 crore from business undertaken in India.
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,” an official statement from the I-T department said.
During the search operation at the taxpayer’s residence, corroborating evidences in the form of e-mails and documents have been found establishing his beneficial ownership of the foreign assets, it said.
“In his statement recorded during the search, he has admitted to ownership of foreign assets,” the I-T department said. (UNI)
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