Rs. 8,000 cr. under tax net, says Centre

The government on Monday told the Supreme Court that Rs. 8,186 crore kept in “unreported foreign bank accounts” has been brought under the tax net.

An affidavit filed by the Department of Economic Affairs of the Ministry of Finance said the feat was achieved despite restrictions like non-sharing of information by the Swiss authorities.

The affidavit was filed on the basis of a PIL petition seeking investigation against Indians holding offshore bank accounts and whose names feature in the Panama papers.

The government asked the apex court to dismiss the petition on the ground that it had already set up a multi-agency group probe involving the CBDT, RBI, Financial Intelligence Unit and ED to ensure “speedy and coordinated” investigation.

The affidavit said about Rs. 1,282 crore had been levied as tax in 159 cases pertaining to concealment of tax due to the government.

“So far, 164 prosecution complaints have been filed in 75 cases. The apex court-appointed SIT on black money has been kept updated on the progress in these investigations,” the affidavit said.

The affidavit said the investigation was progressing and five reports had already been submitted before the multi-agency group.

The Special Investigation Team on black money led by former Supreme Court judge, Justice M.B. Shah, was also regularly updated.

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