Panama Papers leak - Govt detects Rs 792 Cr fund so far
By TIOL News Service
NEW DELHI, NOV 07, 2017: EVEN as the CBDT gears up to deal with new tax haven exposes, the Govt has stated that 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, through making 395 references to 28 foreign jurisdictions. Based on analysis of the information obtained and investigation conducted, the outcome so far indicates 147 actionable cases and 279 non-actionable cases (non-residents/no irregularities etc).
Out of the 147 actionable cases:
++ Investigations have led to the detection of undisclosed credits of about Rs. 792 crore, so far;
++ Searches have been conducted in 35 cases and surveys in 11 cases;
++ In other cases, the persons have been confronted with the evidences during enquiries;
++ In 5 cases criminal prosecution complaints have been filed;
++ In 7 cases notices under section 10 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015 have been issued;
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