New Delhi, Dec 6 (TIWN) The Income Tax (I-T) Department on Monday said that recently they had initiated search action against a taxpayer in Delhi who has created a beneficiary trust and an underlying company in low tax overseas jurisdiction.

The residence and business premises of the assessee were covered in the search action.  The search operation revealed that these undisclosed entities in low tax overseas jurisdictions were holding assets worth Rs 40 crore in the form of immovable and movable assets.