IT dept detects Rs 30 crore black income after raids on Delhi man

PTI, Dec 6, 2021, 12:14 PM IST

The Income Tax Department has detected Rs 30 crore black income of a Delhi-based entity who allegedly had created an overseas trust and a company, the CBDT said on Monday.

The raids were conducted against the unidentified individual on November 24.

It claimed the taxpayer had ”created a beneficiary trust and an underlying company in low tax overseas jurisdiction.” ”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 Central Board of Direct Taxes (CBDT) said in a statement.

It said 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.” It said ”corroborating evidences” in the form of e-mails and documents have been found, ”establishing” the taxpayer’s beneficial ownership of the foreign assets.

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

The department also found a hard disk containing data in the form of ”parallel set of books of accounts” during the searches on the business premises. ”A preliminary analysis of such gathered evidences indicate understatement of domestic income to the tune of Rs 30 crore from business undertaken in India,” it claimed.