Black money trail: Govt may name 60 Swiss-account holders
February 09, 2015 08:44
On Sunday, it was reported that the government is set to disclose the names of close to 60 Indians and entities as it has recently initiated tax evasion prosecution proceedings against them as part of its crackdown on black money accounts as reported in the HSBC bank's Geneva branch list.
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, on the directions of the Special Investigation Team constituted to tackle black money and illegal assets held by Indians abroad.
They said the total amount in these accounts is estimated to be to the tune of Rs 1,500-1,600 crore.
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.
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