Panama Papers: IT finds undisclosed income of Rs 792 crore
The investigations being conducted into the Panama Papers leak cases have resulted in the Income Tax Department detecting undisclosed wealth worth Rs 792 crore. The Central Board of Direct Taxes said that the probe however is still on in full swing.
Over a year after Washington-based International Consortium of Investigative Journalists (ICIJ) made the documents public, the CBDT said it has found 147 of the total 426 cases "actionable".
"Investigations have led to the detection of undisclosed credits (in offshore bank accounts) of about Rs 792 crore so far. Investigation is in full swing," the Central Board of Direct Taxes (CBDT), the poilcy-making body of the income tax department, said in a statement.
The department also conducted searches in 35 cases and surveys in 11, it said. "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/ or no irregularities)," it said.
The Panama Papers, the CBDT said, contained brief particulars of about 426 persons, prima facie, Indians or persons of Indian origin.
The government constituted a multi-agency group (MAG) of investigative agencies in April last year to probe these instances. The MAG has so far submitted seven reports to the government.