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New Delhi: The Ministry of Finance on Monday said the investigation by the Income Tax Department (ITD) into the cases pertaining to ‘Panama Papers was in full swing hours after Union minister Jayant Sinha and BJP MP R K Sinha's names figured in the 'Paradise Papers' released by a collective of international journalists..
The Income Tax Department conducted inquiries in all 426 cases, inter alia, through making 395 references to 28 foreign jurisdictions.
In a series of tweets, the ministry posted: "Based on analysis of info obtained & investigation conducted, the outcome so far indicates 147 actionable cases & 279 non-actionable cases."
Out of the 147 actionable cases, investigations have led to the detection of undisclosed credits of about Rs. 792 crore, so far.
Searches were conducted in 35 cases & surveys in 11 cases; In other cases, the persons have been confronted with the evidences during inquiries.
"In 5 cases,criminal prosecution complaints filed; In 7 cases,notices u/s 10 of Black Money (Undisclosed Foreign Income & Assets)Act,2015 issued. Further investigation in all the 147 actionable cases is in progress," read the tweets.
Read full statement below:
Pursuant to revelations made by the International Consortium of Investigative Journalists (ICIJ), a Washington based organization in April 2016 about certain Indians having linkages with entities in offshore no tax/low tax jurisdictions, the Government constituted a Multi-Agency Group (MAG) on 4th April 2016, inter alia, to facilitate co-ordinated and speedy investigation. The MAG consisted of officers of Central Board of Direct Taxes (CBDT), Enforcement Directorate (ED), Financial Intelligence Unit (FIU) and Reserve Bank of India. So far, the MAG has submitted 7 reports to the Government.
The Panama Papers contained brief particulars of about 426 persons, prima facie, Indians or persons of Indian origin. The Income Tax Department conducted enquiries in all 426 cases, inter alia, through making 395 references to 28 foreign jurisdictions. Based on analysis of the information obtained and investigation conducted, the outcome so far indicates 147 actionable cases and 279 non-actionable cases (non-residents/no irregularities etc).
Out of the 147 actionable cases:
Investigations have led to the detection of undisclosed credits of about Rs. 792 crore, so far;
Searches have been conducted in 35 cases and surveys in 11 cases;
In other cases, the persons have been confronted with the evidences during enquiries;
In 5 cases criminal prosecution complaints have been filed;
In 7 cases notices under section 10 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015 have been issued;
Further investigation in all the above cases is in progress.
Earlier in the morning, the Indian Express newspaper reported that megastar Amitabh Bachchan was one of the Indians figuring in the 'Paradise Papers', an investigation into offshore and banking assets carried out by the newspaper with the International Consortium of Investigative Journalists (ICIJ). His name had also cropped in the Panama Papers case.
Also Dilnashin Sheikh (Manyata Dutt, wife of actor Sanjay Dutt) figured among the 714 Indian links named in the 'Paradise Papers'. Her spokesperson said in a statement: "As per the requirements of provisions of Income Tax Act, 1961, all the properties, company or body corporate or shares in any company are declared in the balance sheet."