New Delhi: The Special Investigation Team (SIT) on black money in its second report submitted to the Supreme Court has revealed that persons on the HSBC list held Rs 4,479 crores in off shore accounts. It said that out of 628 names on the HSBC list received from France, 201 are either non-residents or non-traceable, leaving 427 persons’ cases as actionable cases.
However, Rs4,479 crores estimate is conservative as SIT has reached at this figure by taking conversion rate of one dollar equal to Rs45. With $1 dollar now equal to average Rs 60-61, the black money held by these individuals could be around Rs6,000 crore. Also the tax department and other agencies including Enforcement Directorate are probing cases involving unaccounted wealth totalling Rs14,957.95 crore within India.
CBDT has directed its officers to finalise the assessments for all 427 actionable cases, whose names are appearing in the HSBC list. Out of these 628 persons in the HSBC list balances are shown against 339 persons and no amounts are shown against 289 persons or entities. In respect 289 persons also further investigations and assessments are being taken by the income tax department.
The income tax department has finalised assessment of 79 assessees. An amount of Rs2,926 crores has been brought to tax towards the undisclosed balances in the accounts relating to these persons. These assessees have been levied tax and interest. Penalty proceedings have been initiated in 46 cases. Such penalties have been levied in three cases so far. With regard to the other assessees, proceedings are pending.
Prosecutions have been initiated in six cases for wilful attempt to evade taxes and in 5 cases. “In other cases, necessary action is being expedited and substantial progress is expected in coming months.” As far as black money inside the country is concerned revenue intelligence has taken action in case of iron ore exporters. In 11 such cases, people have admitted the under valuation and before issuance of show cause notices, paid Rs116 crores. “In respect of other categories of trades, investigation is pending in 33 cases. In some cases, references have been made to Financial Intelligence Unit — India, ED and CBDT. According to the agency, the total amount involved could be Rs 14,957 crores,” said the report.
