New Delhi, July 27 (UNI): The total undisclosed credits amounting to Rs 20,078 crore have been detected till June 1, 2021, with links to the Panama Papers Leaks, the government said on Tuesday.
The Panama Papers refer to voluminous leaked documents of Panama-based law firm Mossack Fonseca. The data exposed the network of entities and individuals who indulged in money-laundering, tax evasion and siphoning off funds with the help of the off-shore law firm.
Many Indians are understood to have used the network to launder black money.
While declining to reveal the names of Indian nationals under scrutiny, Finance Minister Nirmala Sitharaman in a written reply in Rajya Sabha said that in 46 cases of Panama Paper Leaks, Criminal prosecution complaints have been filed.
Of the total, 20 cases are under the Income Tax Act, 1961, and 26 cases are under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 put together.
“Disclosure of information regarding specific taxpayers is prohibited except as provided under section 138 of the Income-tax Act, 1961 and section 84 of the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015,” Sitharaman said.
The Income Tax Department takes actions in case of persons who are found to be involved in violation of the provisions of various Acts administered by the Income Tax Department like the Income Tax Act, 1961, and Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 etc.
Such actions under the direct tax law include searches and seizure, surveys, enquiries, assessment and reassessment of income, levy of taxes along with interest, levy of penalties, filing of prosecution complaints in criminal courts etc.