NEW DELHI: The special Investigation Team (SIT) which is monitoring the probe into the black money case informed the Supreme Court Tuesday the total undisclosed taxable income from unreported HSBC accounts abroad was Rs 6400 crore. While a tax demand of Rs 4500 crore has been raised, Rs 237 crore has been recovered so far.
Submitting its report before a bench led by Chief Justice H L Dattu, the SIT said that out of 628 HSBC accounts under the scanner, 403 were found actionable under the Income Tax Act and other laws. It said 422 of these accounts pertained to Indian residents. The SIT said the government has been able to gather fresh evidence from France regarding 575 HSBC account holders.
“Further information has been received in 575 cases in the first week of February 2015. Some of the cases which were hitherto not actionable may become actionable after such investigation” said the Special Investigation Team in the executive summary of its third report, which was given to the court in a sealed cover
In February, The Indian Express, in collaboration with Washington-based International Consortium of Investigative Journalists (ICIJ) and Paris-based Le Monde newspaper, had published a detailed report which revealed 1,195 Indian HSBC clients, roughly double the 628 names that French authorities gave to the government in 2011.
The SIT identified cricket betting as a main source of transaction of black money in the country and sought control over it.
The panel agreed with Jethmalani’s suggestion that every poll candidate should file an affidavit that he or she does not hold any illegal money abroad, and in the event of contrary findings, the person should be barred from electoral politics.
*The report first appeared with Indian Express.
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