 "graph")
The international taxation arm of the income tax (I-T) department has sought details of end beneficiary subscribers of participatory notes (P-notes) from some leading offshore derivative instrument (ODI) issuers in the country.
According to a senior tax official, the I-T department suspects that these instruments are being used to legalise unaccounted money.
The issue came up when taxmen found certain discrepancies in the disclosures made by ODI issuers. Nearly half of a dozen p-note issuers could come under scrutiny.
“Details mentioned in the Know Your Customer (KYC) disclosures were not tallying with the tax authority’s database. We need more information
