As part of the ongoing investigations into the HSBC Geneva accounts, the Central Board of Directorate Taxes (CBDT) has obtained additional inputs from the French authorities in cases which were earlier not actionable due to insufficient information.
In its latest report submitted to the Supreme Court, the Special Investigation Team (SIT) on black money has highlighted that the CBDT recently obtained more information in 575 cases.
Based on the new inputs, mostly pertaining to the HSBC Geneva accounts the details of which were shared by the French government in 2011, the Income-Tax Department has initiated further investigations.
The Central Board of Directorate Taxes (CBDT) has obtained additional inputs from the French authorities in cases pertaining of HSBC accounts in Geneva which were earlier not actionable due to insufficient information.
The SIT on black money, in its latest report to the Supreme Court, observed that the new inputs may enable the tax authorities to initiate fresh investigations into these cases.
Fresh details sought
The CBDT sought fresh or additional details in 605 cases from France under the Double Taxation Avoidance Convention.
The CBDT detected unaccounted income of over Rs. 7,000 crore during 2013-14. In the last fiscal, it traced unaccounted income of Rs. 4,457 crore.
To curb generation, laundering and parking of black money abroad, the SIT has supported the issues raised through a writ petition proposing that through a parliamentary legislation, persons found having illegally accumulated funds abroad be barred from holding any public office and getting loans from bank.
It suggested that every electoral candidate file an affidavit before the elections that she/he does not hold illegal money abroad.
