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The Economic Times
The Economic Times
Neelanjit Das

Man receives $3.14 lakh from redemption of Bermuda-focused fund; Income Tax Dept considers it black money, imposes Rs 1.8 crore penalty and tax, but he wins case in ITAT Delhi

ITAT Delhi ITAT CA Suresh Surana Income Tax Bermuda New Delhi Singapore the Income Tax Department India

Mr Bhowmick, a resident of DLF Magnolias on Golf Course Road, in Gurgaon, Haryana, India made an investment of about USD 3 lakh in a Bermuda-focussed global investment fund while he was in Singapore. He invested this sum on May 19, 2015, and cashed it out on March 16, 2016 and got USD 3.14 lakh (3,14,608.15) upon redemption.

However, this Bermuda investment fund redemption created troubles for him back in India as the Indian Income Tax Department considered it black money and used the full force of Indian law to tax it and slapped him with a black money penalty.

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