Panama Papers: I-T dept slaps criminal charges under anti-black money


Team Udayavani, Nov 19, 2017, 2:48 PM IST

New Delhi: Stepping up probe into the Panama Papers, the Income Tax Department has slapped criminal charges under the new anti-black money Act and launched fresh assessment of stashed offshore income against more than six Indian entities in the list, official sources said.

They said the department has detected undisclosed assets and stashed funds located in foreign countries in case of seven individuals and entities named in the leaks and the taxman has begun investigations against them under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Sources privy to the probe said the tax department has ordered fresh assessment and also re-assessment of the income of these entities and will soon launch criminal prosecution against all of them as the entities had reportedly not disclosed offshore properties to Indian tax and banking authorities in the past.

These are the first set of cases of undisclosed foreign assets which are being probed under the new anti-black money Act, that has criminal sections for prosecution under the law.

Under the new anti-black money law, cases of overseas illegal assets, which till recently were probed under the regular and civil Income Tax Act of 1961, attract a steep 120% tax and penalty on undisclosed foreign assets and income besides carrying a jail term of up to 10 years.

Prosecution of these seven entities under the Prevention of Money Laundering Act (PMLA) would also be initiated in the coming days, as the anti-black money Act of 2015 qualifies to be a predicate offence for money laundering investigations, they said.

The sources refused to divulge the identities of the seven entities citing the overriding global tax information exchange secrecy clauses between various countries. The Central Board of Direct Taxes has recently said that investigations in the Panama Papers leak cases till now have resulted in the I-T Department detecting undisclosed wealth of Rs 792 crore so far and the probe in these cases is on in “full swing”.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

One killed, another injured in scooter-truck collision in Arantodu

Refusing medical aid to sexual violence, acid attack survivors offence: Delhi HC

Man’s miraculous escape: Lies on track as train speeds over him in Kerala

Vajpayee@100: Poet-politician whose words had fire and magic

Mangaluru: Karavali Utsava helicopter rides venue shifted

Janhvi Kapoor, Sidharth Malhotra to star in Maddock Films’ ‘Param Sundari’

Borewell mishaps indicate gaps in implementation of 2010 SC guidelines

Related Articles More

IRCTC has stopped paying compensation to passengers for delay in private trains: RTI

Refusing medical aid to sexual violence, acid attack survivors offence: Delhi HC

Yogi Adityanath targets Congress for ‘insulting’ Ambedkar since Nehru’s days

Congress should apologise for wasting Parliament’s time: Fadnavis

Man’s miraculous escape: Lies on track as train speeds over him in Kerala

MUST WATCH

Tulunadu Daivaradane

Feeding Birds with Creative Paddy Art!

Areca Nut

HOTEL SRI DURGA BHAVANA

Harish Poonja


Latest Additions

Kohli needs to resist flashing outside the off-stump: Hayden

KSRTC inducts 20 Ambaari Utsav sleeper buses

IRCTC has stopped paying compensation to passengers for delay in private trains: RTI

One killed, another injured in scooter-truck collision in Arantodu

Refusing medical aid to sexual violence, acid attack survivors offence: Delhi HC

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.