Notwithstanding the Supreme Court order in to make public the names of account holders in LGT bank received by it in from German tax authorities, centre has not done so, drawing the ire of the apex court. Out of the 26 cases, investigations in 18 cases have been concluded by the IT department and prosecutions have been launched in 17 cases one tax payer has expired ," the Centre said in its affidavit.
Never miss a story! Stay connected and informed with Mint. Download our App Now!! It'll just take a moment. Typically, a trust deed has signatures of the trustees and settlers but not necessarily that of the beneficiaries. However, while beneficiaries are not legally required to be physically present for the activating the bank account, they have to submit copies of passport.
The tax department had acted soon after Germany handed over the list of account holders to India. On March 30, , it had served Dhupelias a notice under section of the Income Tax Act relating to assessment year In mid-May that year, the assessing officer furnished reasons for reopening the assessment and in October , the assessees denied the allegations.
Dhupelias moved the Tribunal after the Commissioner of Income Tax Appeals , the first appellate authority, confirmed the order of the assessing officer in February Thanks to the probe by the US house panel, the tax department seems to be in possession of necessary documents like account opening forms, trust deeds and transaction details of LTG account holders.
But, till early this year, tax officers were trying to persuade the HSBC account holders to give their consent to the bank for sharing documents that can be used to substantiate the tax claim. The situation, however, may have changed in recent months with the Swiss government agreeing to share information with India.
The detailed findings by the US authorities probing money laundering in Liechtenstein capture how the tiny German-speaking principality bordering Switzerland and Austria has emerged as a phenomenal money parking zone. As on July , close to billion Swiss francs was being managed by14 banks and nearly 1,27, entities were registered in Liechtenstein which had a population of just 35, Documents related to a private family foundation are not recorded on the Liechtenstein public registry.
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Stock analysis. Market Research. Nifty 18, Market Watch. ET NOW. Brand Solutions. Video series featuring innovators. ET Financial Inclusion Summit. Malaria Mukt Bharat. After resisting for more than three years, the Centre today revealed names of 18 persons in the Supreme Court who allegedly stashed black money with LST Bank in Liechtenstein and against whom prosecution have been launched by the Income Tax department.
Centre also placed in a sealed envelope the names of other individuals with respect of eight other cases in which it found no evidence of tax evasion and asked a bench headed by Justice H L Dattu not to make public those names. The bench, also comprising justices Ranjana Prakash Desai and Madan B Lokur, however, said that it will discuss the content of documents among themselves and will decide the issue on May 1.
Notwithstanding the Supreme Court order in to make public the names of account holders in LGT bank received by it in from German tax authorities, Centre has not done so, drawing the ire of the apex court. Out of the 26 cases, investigations in 18 cases have been concluded by the IT department and prosecutions have been launched in 17 cases one tax payer has expired ," the Centre said in its affidavit.
The court was hearing a PIL filed by noted lawyer Ram Jethmalani seeking directions to the government "to file list of names of those having accounts in Liechtenstein Bank with respect of whom investigations have been concluded, either partially or wholly.
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