The Income Tax Department has so far been unable to make much headway in the investigation against the Indian entities and individuals named in the ‘Paradise Papers’. While the investigation is still on and the government is trying to track the transactions, it has not been able to find any major violations, sources told Moneycontrol.
An investigation by the International Consortium of Investigative Journalists (ICIJ), in partnership with 96 news organisations, revealed that two firms — Appleby in Bermuda and Asiaciti Trust in Singapore — helped high-profile individuals and corporations avoid paying taxes by setting up offshore entities.
The 13 million-plus files that were leaked show that as many as 714 Indian companies and individuals are linked to offshore entities set up in tax havens.
“Most of the named (entities) in Paradise Papers have already declared offshore investment in their income tax return. Most of investors are sophisticated and they know the implications of