SIGN IN SUBSCRIBE

News Update

Former Jharkhand HC Chief Justice, Justice Sanjaya Kumar Mishra appointed as President of GST TribunalSale of building constructed on leasehold land - GST implicationI-T - If assessee is not charging VAT paid on purchase of goods & services to its P&L account i.e., not claiming it as expenditure, there is no requirement to treat refund of such VAT as income: ITATBengal Governor restricts entry of State FM and local police into Raj BhawanI-T - Interest received u/s 28 of Land Acquisition Act 1894 awarded by Court is capital receipt being integral part of enhanced compensation and is exempt u/s 10(37): ITATCops flatten camps of protesting students at Columbia UnivI-T - No additions are permitted on account of bogus purchases, if evidence submitted on purchase going into export and further details provided of sellers remaining uncontroverted: ITATTurkey stops all trades with Israel over GazaI-T- Provisions of Section 56(2)(vii)(a) cannot be invoked, where a necessary condition of the money received without consideration by assessee, has not been fulfilled: ITATGirl students advised by Pak college to keep away from political eventsI-T- As per settled position in law, cooperative housing society can claim deduction u/s 80P, if interest is earned on deposit of own funds in nationalised banks: ITATApple reports lower revenue despite good start of the yearI-T- Since difference in valuation is minor, considering specific exclusion provision benefit is granted to assessee : ITATHome-grown tech of thermal camera transferred to IndustryI-T - Presumption u/s 292C would apply only to person proceeded u/s 153A and not for assessee u/s 153C: ITATECI asks parties to cease registering voters for beneficiary-oriented schemes under guise of surveysST - Since Department itself admits that service carried out by appellant is that of 'Mining Services' w.e.f. 01.06.2007, thus demand for earlier period has been made only to fasten excess Service Tax demand on appellant which cannot sustain: CESTATICG rescues fisherman with head injury onboard IFB St. Francis off the Gujarat coastCX - When physical stock verification carried out by Officers was not fool proof and there were anomalies, benefit of doubt should be extended to assessee, duty demand confirmed on alleged clandestine removal is not sustainable: CESTAT
 
ICIJ exposes names of 498 Indians and Indian companies making good use of tax havens; Official residences of two Govt officials figure in List


By TIOL News Service

NEW DELHI, JUNE 16, 2013: AS per the latest data release by the US-based International Consortium of Investigative Journalists (ICIJ), names of 498 Indians and Indian companies having bank accounts in tax havens have been made public. As per the worldwise expose named 'Secrecy for Sale', these Indian persons have made good use of tax havens like Cayman Islands, Cook Islands, British Virgin Islands etc.

In the list released, at least two government officials' residential addresses also figure prominently Such as D-II, Vinay Marg, Chanakyapuri, New Delhi. And the second address is that of CPWD Quarters, Vasant Vihar. As per the expose, the resident of this official quarter is a Director of Crest Strategies Ltd, which is a Dubai-based company, and has accounts in tax havens.

A good number of Indians and Indian companies, which figure in the list, are from Mumbai, Delhi, Bangalore, Hyderabad, Vadodara, Ahmedabad and Kolkata. All posh colonies in these big cities figure prominently in this list. Some of them are Greater Kailsh, Golf Links and Defence Colony in Delhi, and Race Course Road and Pycrofts Garden Road in Chennai.

One may think that rich people are concentrated only in the big cities but it is not true. There are certain names in the exposted list, which are from places like Ludhiana, Ajmer, Muzaffarpur, Bellary, Raipur, Kurukshetra, Pondicherry and Kochi.

Reacting to this news one senior bureaucrat said that he was not surprised by disclosure of Vinay Marg address and a good number of inhabitants belonging to a particular All India Service from Chanakyapuri have some sort of real estate abroad, and they are forced to keep accounts in tax havens.

Interestingly, India has been signing TIEAs with all these small island-based tax havens but not much information has been received so far. Only two days back, the CBDT has notified the latest TIEA with Monaco but all such pacts will help only when India starts receiving vital information like the one being exposed by the ICIJ.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST