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Blackmoney: I-T probing cases, will launch prosecution, says CBDT

Last Updated: Thursday, September 6, 2012 - 22:10

New Delhi: The Income Tax Department on Thursday said it is investigating cases of black money holders on the basis of information furnished by foreign countries and will initiate prosecution proceedings wherever required.

The department has taken a similar action against those individuals who figured in the LGT bank accounts list.

"These cases are spread across the length and breadth of the country according to the Assessing Officers (AO) having jurisdiction.

"They (AO) are quasi-judicial authorities and they take their own decisions and it (prosecution) is done in accordance with the provisions of the direct taxes laws. So, if these provisions are attracted I am quite sure they will be taken into account...," CBDT Chairperson Poonam Kishore Saxena told reporters here.

She was replying to a question if the I-T Department would take prosecution action against individuals figuring in the HSBC, Geneva and other similar lists.

Saxena said these cases were "in different stages of processing and investigation and everything is always taken to a logical conclusion.

"So, if prosecution is logically relevant in any case I am sure it will be taken into account," she said.

India has received a good amount of bank accounts and investments information from countries which are partners under the global economic body Organisation for Economic Cooperation and Development (OECD).

Saxena, without elaborating further, said that all such cases related to tax evasion cannot be "specified" because various assessing authorities of the department are looking into the information.

The government has imposed a penalty of Rs 24.66 crore on 18 individuals who have bank accounts with Liechtenstein's LGT Bank on the basis of information provided by German authorities.

Germany had last year provided the names of some Indians having secret accounts in Liechtenstein's LGT Bank.

India, according to the Finance Ministry, has so far received over 9,900 pieces of information from several countries regarding suspicious transactions by Indian citizens, which are now under different stages of processing and investigation.


First Published: Thursday, September 6, 2012 - 22:10
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