all transactions of the entities with the domestic firms of those who have registered these offshore entities.
The addressees have been asked to give details about having disclosed such transactions to the income tax department in the past. They have also been asked to submit a set of eight listed documents which include all details of incorporation, financial statements, investments and loans/advances for each offshore company.
The addressees have been given one month’s time to reply with proof that all offshore financial interests and transactions had been disclosed in their 2012-13 IT returns as required by law.
Several NRIs on the list - who are entitled to immunity from declaring their offshore assets and investments - have also received the income tax notices and have been asked to appear either in person or send their representatives to explain the transactions.
Appuesthose Suresh, Ritu Sarin