Income Tax department reopened Assessment of Indian Nationals on info from German Bank

The Revenue Department has reopened income tax assessment cases after receiving information from German tax authorities about accounts of Indians with the LGT Bank of Liechtenstein, Parliament was informed today.

“The German Tax authorities have provided to the Indian Government information available with them regarding accounts concerning Indian nationals with the LGT Bank of Liechtenstein…Assessments have been reopened under the Income Tax Act, 1961 in all these cases,” said the Minister of State for Finance, S S Palanimanickam, in a written reply to the Rajya Sabha.

In appropriate cases, assessments have also been reopened under the Wealth tax Act, the Minister said.

The information from the German tax authorities was provided under the Article concerning exchange of information of the Double Taxation Avoidance Agreement (DTAA) between India and Germany read with the Protocol, he said.

The information obtained was immediately forwarded to the concerned income-tax authorities for initiating necessary action.

However, in reply to another question, the Minister said that the Swiss Authorities have expressed their inability to share information regarding bank deposits on Indians as it was not necessary for the application of the DTAA between India and Swiss Confederation but was required only for the enforcement of Indian internal laws.

Related posts:

1. Income Tax Department To Share Info On Tax Evasion With MCA
2. AO can make addition on ground other then on which he reopened the Assessment
3. Assessment can not be reopened for change of opinion U/s. 147 of the Income Tax Act, 1961
4. Validity of re-opening when no concealment of income and department applied higher tax rate of tax for framing re-assessment
5. Acquisition of unlisted foreign companies by Indian corporates will be scrutnised by Income Tax Department