Black money: SIT to discuss new names today

The Special Investigation Team (SIT) on black money will hold a meeting on Monday to discuss status of cases of Indians found to have been holding illegal accounts abroad and disclosures made by an international private investigation.

Top sources in the SIT said the meeting, scheduled to be held as per roster, will review the cases of those Indian HSBC account holders whose cases are getting "time barred" by March 31.

They said some names disclosed by an investigation conducted by umbrella organisation-- International Consortium of Investigative Journalists (ICIJ)-- are "new" and have not been reflected in the list in possession of the CBDT and the SIT.

"The SIT had already solicited information against Indian blackmoney holders from the public.Some names have been reflected in the ICIJ list which have not been there earlier.

These will be discussed during the meeting which was scheduled to be held today," they said.

Sources said the snoop wings of the Income Tax department, Central Board of Direct Taxes and the Enforcement Directorate have been asked to take out any possible information on the new names and bring it on the table to be discussed at the SIT meeting.

"The new names will be brought under legal action only if there is any evidence against them. Only having names has not helped and it will not help in the future too," they said.

Sources said that those against whom legal action has been initiated include some corporates, business houses and other individuals as the Income Tax department has completed its probe and filed prosecution complaints against these entities.

They said the total amount in these accounts is estimated to be to the tune of Rs 1,500-1,600 crore (Rs 15-16 billion).

Sources said the complaints, under I-T laws, have been filed in various courts of the country and investigations in these cases have been completed by the taxman as these cases will get "time barred" by March 31 after which any legal action against them could not be carried out as the cases pertain to the period of 2008-2009.

The SIT, headed by retired Supreme Court Judge Justice M B Shah, had said in its last report to the government and the Supreme Court in December 2014 that the black money holders names in HSBC Geneva list will be taken to their logical conclusion soon.