Hidden wealth of Rs 792 cr detected in Panama cases: CBDT 07/11/2017


Hidden wealth of Rs 792 cr detected in Panama cases: CBDT
07/11/2017 16:01
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The CBDT has said that investigations in the Panama Papers leak cases have resulted in the Income Tax Department detecting undisclosed wealth of 792 crore so far even as the probe is on in full swing.
Commenting on the issue, the Central Board of Direct Taxes (CBDT), the poilcy-making body of the income tax department told the media, "Investigations have led to the detection of undisclosed credits (in offshore bank accounts) of about Rs 792 crore so far. The investigation is in full swing."
It said that taxman has filed 5 criminal prosecution complaints in these instances, while it has served seven notices under the new anti-black money act to the entities allegedly involved. The department also conducted searches in 35 cases and surveys in 11, it said.
"The Income Tax Department conducted enquiries in all 426 cases, inter alia, 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/ or no irregularities)," it said.
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