Panama paper leaks: I-T dept may go to court, seek SIT to probe 7-year old cases


money-mainThe income tax department may approach courts or the Special Investigation Team (SIT) on black money to seek permission to probe the involvement of wealthy Indians named in the ‘Panama Papers’ list case for creating offshore tax haven entities, a newspaper report said on Wednesday.

A Times of India report said, under the Income Tax Act, the department can only probe cases dating back seven years.

The SIT yesterday held a meeting and reviewed some important tax evasion and money laundering probe cases like the recent ‘Panama Papers’ disclosures and those related to bank frauds.

Officials said the meeting here chaired by SIT Chairman Justice (retd) M B Shah also reviewed the reports submitted to it by the Income Tax department, FIU and the Enforcement Directorate (ED) in the ‘Panama Papers’ list case in which at least 500 Indian names have been published.

The Panama Papers are a set of over 11 million confidential documents detailing information about more than 214,000 offshore companies compiled by Panamanian corporate service provider Mossack Fonseca.

The documents illustrate how wealthy individuals, including public officials, hide assets from public scrutiny in tax havens.

With Agency Inputs