New Delhi: In the offshore accounts linked to around 700 Indian persons, as revealed by International Consortium of Investigative Journalists (ICIJ) from April 2013 onwards, sustained investigations conducted in these cases have led to detection of more than Rs. 11,010 crore of credits in the undisclosed foreign accounts so far. Moreover, in the Panama Paper Leaks cases, as an outcome of investigations conducted by the Income Tax Department, undisclosed investments valued at Rs. 1559 crores (approx.) have been detected.
This is revealed in an order passed by the Central Information Commission on 13 May 2019. The order goes on to reveal that the Commission has got a written submission from Central Board of Direct Taxes, Department of Revenue, Government of India in the last week of April in respect of the information on the black money that has returned to the country from foreign countries,
CBDT has submitted that there is no exact estimate of black money in circulation both inside and outside the Country. However, based upon the information received from France, under the Indo-French Double Taxation Avoidance Convention, assessment proceedings have been completed in all 417 actionable HSBC bank account tax on account of deposits made in the unreported foreign bank accounts. Out of the above mentioned 417 cases in which assessments have been completed, concealment penalty of about Rs. 1291 crore has been levied in 162 cases.