Karol Bagh man had foreign bank accounts, FD in Singapore, no ITR disclosure; income tax dept sent black money notice, but ITAT Delhi cancelled the notice for this reason

Mr Trikha from Karol Bagh, Central Delhi, filed his income tax return (ITR) using form ITR-1, claiming he had a low income from other sources. However, he got a shocking black money tax notice from the Income Tax Department stating that he was engaged in business related to investments, travels and airlines, specifically Indonesian Commercial Airlines (Pacific Royale Airways).

Additionally, the Income Tax Department informed Trikha that they had uncovered information about several foreign bank accounts that he allegedly holds, including fixed deposits (FD) in Singapore. These accounts were reportedly opened between January 2017 and February 2018, primarily with the United Overseas Bank, Singapore and the Overseas Chinese Banking Corporation. Tikha, however, did not disclose any of this information in his ITR.