Quick Summary
The Income Tax Department initiated search action on24.11.2021on 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
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FAQ :
The search operation was initiated on 24th November 2021.
The search operation was conducted on a taxpayer in Delhi, covering their residence and business premises.
The undisclosed foreign assets held in low-tax overseas jurisdictions were valued at Rs 40 crore.
Corroborating evidence such as emails and documents establishing beneficial ownership of foreign assets were found at the taxpayer's residence. A hard disk containing a parallel set of books of accounts was discovered at the business premises.
Preliminary analysis indicates an understatement of domestic income to the tune of Rs 30 crore from business undertaken in India.
Yes, in a statement recorded during the search, the taxpayer admitted to the ownership of foreign assets.
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