The government’s multi-agency group (MAG, includes Tax department and the Reserve Bank of India), set up by the Finance Ministry in April 2016 to probe foreign assets of Indians, initiated investigations into fresh revelations under the Panama paper leaks.
A press note issued by the central board of direct taxes (CBDT) on June 21 said that the Income tax department and other member agencies of MAG have already investigated 426 people reported in the Panama paper leaks in 2016. However, the probe agencies only found 74 cases actionable among them.
In 74 cases actions were taken in 62 cases with searches conducted in 50 cases, and surveys in 12 cases which resulted in detection of undisclosed foreign investments of about Rs. 1,140 crore.
“After thorough investigation, involving examination of the disclosures made in the I-T returns, particularly the foreign accounts schedule, residential status, responses to questionnaires issued, responses received from foreign jurisdictions and details of foreign remittances made, 352 cases were found to be non-actionable,” the CBDT said.
“New documents will also be examined in a reasonable time-frame and initial verification has already started… we are already trying to complete investigations in as many cases of Panama Papers as possible within the current assessment year, and many under the black money Act,” CBDT Chairman Sushil Chandra said.
The CBDT release also stated “The fresh release made in the media today under the ‘Panama Paper Leaks’ is being promptly looked into by the law enforcement agencies under the aegis of the MAG.”
Ministry said that the probe conducted in Panama Paper cases reflect the government’s continued focus in bringing back black money.