Blackmoney: Income Tax department files 121 cases against HSBC account holders

Sources said 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.

A report in this regard has also been sent to the Special Investigation Team (SIT) on black money which is now compiling all the figures and data to present an action taken report
before the Supreme Court on or before May 12.

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 'wilful' defaulters and had allegedly hidden their incomes by illegally keeping in the Swiss bank, from the taxman.

"About 121 cases have been filed before the March 31 deadline as after this time period these cases would have got time-barred and thus could not be legally prosecuted by the department.
The total undisclosed income brought to book in this particular case is approximately Rs 4,800 crore till now," the sources added.

Source: Latest News