I-T books Qureshi under new law
New Delhi, Nov. 6: In fresh trouble for controversial meat exporter Moin Qureshi, the Income-Tax department has booked him under the new and stringent antiblack money law after alleged untaxed foreign assets owned by the businessman and his family were detected by the department.
Officials said the taxman has recently issued fresh notices to Mr Qureshi under the new Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, as probe led the department to few foreign assets owned or held by the meat exporter and his family in an alleged illegal manner as they were not declared or reported to Indian tax authorities.
They said while the department has already filed a complaint (chargesheet) against Mr Qureshi in a local court here in connection with tax evasion case against
Fresh notices issued to Qureshi under the new Black Money Act as probe finds few foreign assets owned or held by the meat exporter and his family in an alleged illegal manner
him and his family it now feels that new revelations in the case qualify to be charged under the new Act.
Sources said Mr Qureshi, who is also facing charges of alleged money laundering and hawala-like dealings and being probed by the ED, has been asked to explain the alleged foreign bank accounts and assets being held by him and his family following which the I-T department will initiate a fresh prosecution against him under the new law.
The alleged untaxed overseas assets are said to be located in at least four countries, including the UK and West Asia.
Under the new antiblack money law cases of overseas illegal assets, which till recently were probed under the Income Tax Act, 1961, attract a steep 120 per cent tax and penalty on undisclosed foreign assets and income besides carrying a jail term of up to 10 years.