New Delhi: Union finance ministry on Monday said that its investigations on earlier expose by ICIJ “Panama Papers” on black money held in tax havens by Indians “led to the detection of undisclosed credits of about Rs 792 crore.”
CBDT said that in five cases criminal prosecution complaints have been filed.
Following revelations made by ICIJ in April 2016 about some Indians having linkages with entities in offshore in no tax or low tax jurisdictions, the Centre had constituted a Multi-Agency Group (MAG) for co-ordinated and speedy investigation.
So far, MAG has submitted seven reports to the government.
“The Panama Papers contained brief particulars of about 426 persons, prima facie, Indians or persons of Indian origin. The Income Tax Department conducted enquiries in all 426 cases by making 395 references to 28 foreign jurisdictions,” said CBDT. It said that based on analysis of the information obtained and investigation conducted, the outcome so far indicates 147 actionable cases and 279 non-actionable cases (cases involving non-residents or there are no irregularities).
Out of the 147 actionable cases, investigations till now have led to the detection of undisclosed credits of about Rs 792 crore. In these cases searches were conducted in 35 cases and surveys in 11 cases.
In other actionable cases, the persons have been confronted with the evidences during enquiries. CBDT said that in five cases criminal prosecution complaints have been filed.
In seven cases notices under section 10 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015 have been issued. “Further investigation in all the above cases is in progress,” it added.
