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Swiss Court requested to allow I-T to probe Hasan Ali’s wealth
A Mumbai court issued a letter rogatory to its Swiss counterpart to allow Income Tax authorities to investigate accounts of stud-farm owner Hasan Ali, who is alleged to have billions of dollars deposited there.
"Letter Rogatory, which is issued by domestic court to its foreign counterpart to cooperate in investigation, will enable further probe into the matter the sources added. After a search on the premises of Ali in 2007, Income Tax department had found one of the documents containing information that he has around 8 billion dollars in the UBS AG, a Swiss Bank. Based on the various documents, tax demand of Rs. 71,846 crore was raised by I-T department in December 2008. Besides Hasan Ali, persons involved in the case are his wife Rheema Hasan Ali, Hasan Ali’s associate Kashinath Tapuriah and a related entity R M Investment Pvt Limited. The income tax department had also siezed Rs. 90 lakhs cash from Hasan Ali and three properties were also attached. Enforcement Directorate through the Indian consulate had also approached the Swiss Government on the basis of these and other documents. The Swiss Federal Tax Administration had earlier refused to share bank related information on the ground that such information regarding bank deposit of Indian residents is covered by banking Secrecy Laws.
A Mumbai court issued a letter rogatory to its Swiss counterpart to allow Income Tax authorities to investigate accounts of stud-farm owner Hasan Ali, who is alleged to have billions of dollars deposited there.
"Letter Rogatory, which is issued by domestic court to its foreign counterpart to cooperate in investigation, will enable further probe into the matter the sources added. After a search on the premises of Ali in 2007, Income Tax department had found one of the documents containing information that he has around 8 billion dollars in the UBS AG, a Swiss Bank. Based on the various documents, tax demand of Rs. 71,846 crore was raised by I-T department in December 2008. Besides Hasan Ali, persons involved in the case are his wife Rheema Hasan Ali, Hasan Ali’s associate Kashinath Tapuriah and a related entity R M Investment Pvt Limited. The income tax department had also siezed Rs. 90 lakhs cash from Hasan Ali and three properties were also attached. Enforcement Directorate through the Indian consulate had also approached the Swiss Government on the basis of these and other documents. The Swiss Federal Tax Administration had earlier refused to share bank related information on the ground that such information regarding bank deposit of Indian residents is covered by banking Secrecy Laws.
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