I-T raises demand of under Rs 100cr in black money case

New Delhi, June 2 (PTI) The Indian income tax department
Wednesday said it has slapped tax notices on persons for
parking black money in LGT Bank in Liechtenstein, but the
demand raised is less than Rs 100 crore.

"The combined tax demand raised from persons on the
basis of information provided by the German authorities is
less than Rs 100 crore," a senior finance ministry official
said.
Last year, the government had received details from
Germany of some 50 persons who stashed their funds in the LGT
Bank evading taxes. Based on this and after internal scrutiny,
the I-T department served them tax notices.
The I-T department initially sent a notice for reopening
of assessment of the individuals named in the list handed over
by Germany for the relevant years and then the taxable amount
was arrived at before serving them the tax demand.
Though the department has already taxed the amount,
retrieving the tax money will take time, the official said.
The government had earlier initiated talks with the Swiss
authorities for seeking information about the illegal funds
parked in their banks.
Last year, Swiss authorities had shared details of over
4,000 account holders with the US, raising similar demand
here. PTI MG
MYR