Black money: CBDT reviews HSBC accounts, ICIJ cases

The CBDT on Thursday reviewed some important black money and tax evasion probes being conducted by the Income Tax department, including the HSBC Geneva banks list and few others where it is suspected that Indians have stashed assets abroad. Officials said the apex policy-making body of the tax department took stock of the investigations in these cases and sought a coordinated and prompt filing of prosecution cases, especially of those which are being supervised by the Special Investigation Team (SIT) on black money. They said the Central Board of Direct Taxes (CBDT), during the meeting via video conferencing, went through the fine points of the investigation and prosecution cases of those Swiss bank accounts of Indians which were held by them in the HSBC bank Geneva, apart from those which were published by the International Consortium of Investigative Journalists (ICIJ).

The Income Tax department, till now, has filed over 140 prosecution complaints in courts against the HSBC account holders while over 50 notices have been issued in cases related to the ICIJ data. Sources said the probe in these cases are likely to gather more pace after today's meeting. The meeting which had all probe unit heads of the tax department interacting with CBDT Member (Investigations) Surabhi Sinha is also understood to have reviewed other big cases of tax evasion arising out of instances of hawala trade and illegal ponzi schemes.

Officials said cases of declarants who used the one-time compliance window to disclose their illegal assets based abroad, under the new anti-black money law, were also discussed. A total amount of Rs 4,147 crore was declared by 638 entities during the 90-day black money compliance window and the total revenue from the stash funds declared during the window is expected to be Rs 2,488.20 crore. These declarants have to pay their taxes by December 31 this year.

A status report of the meeting will also be submitted to the SIT soon, they said.