Tax Evasion
Income tax Department decides to reopen tax returns to unearth black money.
These names, about 70, will now be sent to the respective assessment ranges and the assessing officer will re-open the corresponding I.T-returns of the year which is reflected on the classified list obtained from various countries.
‘’The taxpayers entire income and transactions in that year will be re-checked electronically and manually to see if the denial is true”, sources said.
According to sources, the list which the I-T Department has received shows the name of the account holder, his passport number and the total amount held by him or her till recently in secret bank account.
Source: Page 15, The Tax reference, Volume 123, Issue No. 2, 9th Jan 2012.
