In a major breakthrough in the efforts to trace illegal money stashed in foreign shores, the Income Tax department has received classified information on two high value deposits of stud-farm owner Hasan Ali from the US and the UK. The department, through its exclusive foreign taxation unit in the Finance Ministry, has received exhaustive details on the investments made by Ali to the tune of crores of rupees under the Double Taxation Avoidance Agreement (DTAA) with both the nations, official sources said.

They said the investment channels of the US and the UK were used to route the money from Switzerland allegedly by Ali and his associates the trails of which connect the dots.

The I-T department has already raised a whopping tax demand of Rs 71,846 crore (nearly USD 15 billion) against Ali and others.

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Category : Income Tax (25527)
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Tags : DTAA (298)

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