Asia Bizz: The Income Tax (IT) department along with the CBI sleuths, have conducted a number of raids across India, especially with the people who are suspected in having black money stored up in foreign banks. A news channel in India states that the IT department and the CBI have teamed up together and conducted raids among prominent people in the country.
This move has taken place when the Supreme Court of India raised a question towards the government, asking why has it not taken any sort of action against those people who have their black money stored up in foreign banks. As a result, the IT Department has taken its work seriously and have pulled out a number of names in context to the black money issue.
As of now, the main motive of these raids and investigations is to find out what is the source of this black revenue. There could be an issue of tax evasion which is evolving here, and a probe has been put forth to find it out. The Income Tax Department is conducting the raids on the basis of Double Taxation Avoidance Agreement (DTAA), which can be used against the person who has black money in a foreign bank.
