Photo Courtesy: Internet
The Income Tax Department Friday provisionally attached 29 properties and 105 bank accounts of beleaguered jewellery designer Nirav Modi the diamond merchant, his family and firms as part of its tax evasion probe, officials said.
Adding further, the department also slapped the new anti-black money act against him for allegedly holding illegal assets abroad.
The asset is suspected to be in Singapore. The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 deals with cases of overseas illegal assets, which till recently were probed under the Income Tax Act, 1961.
The new legislation has provisions for a steep 120 per cent tax and penalty on undisclosed foreign assets and income, besides carrying a jail term of up to 10 years.
The taxman also filed a charge sheet against Nirav Modi before a special court in Mumbai under various sections of the Income Tax Act, 1961.
(With agency inputs)