New Delhi/Mumbai, Feb 20 (PTI) In a maiden attempt ofits kind, tax enforcement agencies are now trying to locateproperties abroad of Pune-based stud farm owner Hasan Ali Khanwhich could be attached or auctioned to extract from him ahuge tax liability to the tune of Rs 40,000 crore.
Both the Income Tax Department and the EnforcementDirectorate are now planning to send fresh requests underprovisions of the Double Taxation Avoidance Agreement (DTAA)and Letters Rogatories (LRs) to a few countries where theysuspect that Khan owns properties including in the UnitedKingdom and Switzerland.
Top sources said the Finance Ministry is "veryhopeful" of getting fresh information on Khan''s investmentsand accounts from Switzerland as the revised DTAA with theSwiss government allows information to be extended with aprospective effect.
"Some new findings by financial enforcement agenciesand the Income Tax department will be placed before Swissauthorities.
"The agencies are looking for his assets abroad asthere is nothing in India to be attached as per the law forobtaining the huge tax or penalty," sources familiar with thenew line of investigation said.
The I-T department is also preparing a dossier of thetax-related information that it has obtained from variousforeign shores which could be later used for adjudication andimposing penalties on Khan, the sources said.
Khan deposed before the Assessment Wing of the IncomeTax department in Mumbai on February 18 and was asked whypenalty should not be imposed on him.
The ED zonal office in Mumbai has also issued anation-wide alert in connection with Khan''s dealings to obtaininformation about his movable, immovable properties andinvestments anywhere in the country. .