30 April , New Delhi
The Income Tax department has slapped 121 cases against entities whose names have appeared in the HSBC Geneva bank list even as undisclosed income to the tune of 4,800 crore rupees has been brought under tax net in these cases at the end of the last fiscal.
The cases have been filed in courts in Delhi, Mumbai, Bangalore, Ahmedabad and Goa before the closure of the just concluded financial year 2014-15 on March 31, official sources said.
A report in this regard has also been sent to the Special Investigation Team, SIT on black money. The SIT is now compiling all the figures and data to present an action taken report before the Supreme Court on or before May 12th.
Sources said the complaints were filed under I-T laws for tax evasion after investigations into these cases found that these individuals or entities were willful defaulters and had allegedly hidden their incomes by illegally keeping in the Swiss bank, from the taxman.
They said, the I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad. Till December 31st last year, assessments were completed in 128 of these cases by the I-T department out of the total 628 Indian names or entities reported on the HSBC list provided by France to India few years ago.
The list was reportedly secreted out by an employee posted at the Geneva branch of the global bank. The entire HSBC list features names of 1,668 Indians while the number of actionable cases stands at 1,195 after taking into account duplication and other factors. Collectively, these accounts had a balance of 4.11 billion US dollars till 2007.