WHILE answering
a question in Rajya Sabha today, the MoS(R), Mr S S Palanimanickam, said
that several countries
have submitted data to Government of India on Non-Resident Indians' (NRIs)
black money.
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. This information has been provided by the
German authorities under the Article concerning exchange of information of
the Double Taxation Avoidance Agreement (DTAA) between Indian and Germany
read with the Protocol thereto. On the basis of this information, assessment
proceedings were reopened and cases were centralized in different central
charges in Chennai, Delhi, Mumbai and Kolkata. Assessments have been made
against total 18 individual cases involving total assessed income of Rs 43.83
crore and total demand of Rs.24.26 crore. Penalty proceedings for concealment
of income have separately been initiated in all these cases.
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