In a new revelation on suspected black money cases being tested by authorities of tax in India, Swiss authorities on Tuesday said it has received a demand for data about Indore-based firm Neo Corp International Ltd.
Neo Corp, which started as a little woven sack maker in 1985 and now claims to be a multinational specialized materials firms, by surprise had to face income tax charge searched on its different premises prior in February for asserted tax evasion.
As part of its bilateral treaty for managerial help and trade of data with Switzerland, India has looked for insights about various people and organizations from the Alpine country as a major aspect of its crackdown against suspected black money stashed in Swiss banks.
Around twelve such names have been uncovered in this way, while numerous different requests are pending with the Swiss officials who conduct their own particular due diligence before beginning the procedure of sharing the data.
The warning about the concerned element’s right to offer is, for the most part, the initial phase in the data trade process. This is normally seen as the Swiss government on a fundamental level consenting to share the data.
Before the Swiss Federal Administrative Court, the appeal needs to be filed while giving evidence and reasons for the same, and not disclosing further details about the company and the case.
“The company is in the process of collating and responding to all the queries raised by the Income Tax Authorities and the company is lending its fullest co-operation to the department in completing the inquiry. It is to put on record that no incriminate documents and/or undisclosed income were found as far as Neo Corp and its group companies are concerned,” it said in the BSE filing on May 22.