The Income Tax Department says it has provided information about members of the Mukesh Ambani family about alleged undisclosed foreign income and assets at a quarterly meeting in Ukraine this month. In which India entered into agreements with seven countries.
Under the double tax avoidance agreements as well as combating the financing of anti-money laundering and terrorism agreements. The Income Tax Department of India is in seven countries that can expect a response within 90 days from their counterparts in Switzerland, St. Lucia, Mauritius, Luxembourg. America, Britain, and Belgium.
IT department officials said that even though countries have agreed on it as part of the recently signed Information Exchange (AEOI) treaty. The feedback shared under the standard reporting system may take a long time before a ‘letter rogatory’ (LR) occurs. The department has started to contact the officials in the old tax haven.
Questions emailed to Mukesh Ambani’s flagship firm Reliance Industries on the issue did not create any controversy before going to press. A RIL source told The Hindu, the company did not receive any letter.
A media report claimed that the names of three children of Mukesh Ambani were also included in the notice of the IT department. The report claimed that Ambani had failed to disclose details and holdings in the Cayman Islands-based Infrastructure Company Limited, of which he was also the ultimate beneficiary.
Swiss Leaks had to name 1,195 Indian accounts in 2015, including 14 holdings linked to the Capital Investment Trust, involving 628 Indians. Who had reports with Ambani in HSBC Private Bank? The collective value of these accounts was ₹ 25,000 crores in 2006-07.
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