Over Rs 20k crore undisclosed credit for India-linked entities in Panama, Paradise paper leaks: Govt

The minister said that the Income Tax Department takes appropriate actions including searches & seizure, surveys, enquiries, assessment and reassessment of income, levy of taxes along with interest, levy of penalties, filing of prosecution complaints in criminal courts for 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, among others. “…in 130 cases proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of tax Act, 2015 have been initiated,” the minister stated.

The government has taken cognisance of some Indian names released in the media which are allegedly linked to the Pandora Papers leak, it said. A Multi Agency group (MAG), has been constituted under the convenorship of Chairman CBDT, with Directorate of Enforcement (ED), Reserve Bank of India (RBI), Financial Intelligence Unit India (FIU-IND) and Foreign Tax & Tax Research division of CBDT as its members agencies and further investigation is under progress.

The Indian Express was a global partner in 2016 in Panama Papers, which focused on offshore holdings gleaned from about 11.5 million secret documents obtained from the Panamanian Law firm, Mossack Fonseca. Paradise Papers, a cache of 13.4 million documents containing undisclosed details of offshore companies incorporated by Bermuda’s Appleby and Singapore’s Asiaciti as well as by others in 19 different tax havens, were investigated and published in November 2017 by 96 media organisations worldwide in collaboration with the International Consortium of Investigative Journalists (ICIJ).

From the homepage

Canada designates Lawrence Bishnoi gang a terrorist entity

What the FIR into Vijay’s Karur rally stampede says – and what it doesn’t

Modi writes foreword to Giorgia Meloni’s memoir, calls the book her ‘Mann Ki Baat’