The Income Tax department has booked arms dealer Sanjay Bhandari under the new and stringent anti-black money Act and is mulling attaching his foreign and domestic assets as part of a tax evasion probe against him.
Officials said the agency recently slapped provisions of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 in addition to the case being probed against him as per the existing Income Tax Act of 1961. They said the department had identified about half-a-dozen foreign assets in the name of Bhandari and his associates, and the taxman is mulling to attach them as part of the probe.
Some of his domestic assets are also under the scanner of the taxman, they said.
Under the new anti-black money law, cases of overseas illegal assets, which till recently were probed under the Income Tax Act, 1961, attract a steep 120 per cent tax and penalty on undisclosed foreign assets and income, besides carrying a jail term of up to 10 years.