Keeping up with the March 31 deadline, the Central Board of Direct Taxes (CBDT) has completed assessment of the HSBC Bank (Geneva) account-holders whose details were shared by the French government in 2011.
While the Income-Tax Department had earlier launched prosecution proceedings in 60 cases, is learnt that the agency has sought legal opinion to ascertain whether it can initiate prosecution in other cases. Penalty proceedings were also initiated against 350 account-holders.
Over 250 of the 628 account-holders have admitted to having accounts abroad. “However, legal action will not be taken against those who enjoyed NRI status when the accounts were opened, unless any criminality is involved,” said an official.
The Income-Tax Department also plans to open investigations in cases pertaining to the accounts opened before 2005-06, taking recourse to assessment/reassessment provisions under the Income-Tax Act.
