The Special Investigation Team, SIT on black money in its second report submitted to the Supreme Court has revealed that persons on the HSBC list held 4,479 crores rupees in off shore accounts. In an official statement, it said that out of 628 names on the HSBC list received from France, 201 are either non-residents or non-traceable, leaving 427 persons’ cases as actionable cases. The Central Board of Direct Taxes has directed its officers to finalise the assessments for all 427 actionable cases, whose names are appearing in the HSBC list. Out of these 628 persons in the HSBC list balances are shown against 339 persons and no amounts are shown against 289 persons or entities. In respect to the 289 persons or entities further investigations and assessments are being taken by the income tax department. It said the Income tax department and other agencies including Enforcement Directorate are probing cases involving unaccounted wealth totaling 14,958 crore rupees within India.

The statement said, income tax department has finalised assessment of 79 assessees and an amount of 2,926 crores rupees has been brought to tax towards the undisclosed balances in the accounts relating to these persons. These assessees have been levied tax and interest. Penalty proceedings have been initiated in 46 cases. Such penalties have been levied in three cases so far. With regard to the other assessees, proceedings are pending. Prosecutions have been initiated in six cases for willful attempt to evade taxes and in 5 cases.

It said, in other cases, necessary action is being expedited and substantial progress is expected in coming months. It added that as far as black money inside the country is concerned revenue intelligence has taken action in case of iron ore exporters. In 11 such cases, people have admitted the under valuation and before issuance of show cause notices, paid 116 crores rupees. In respect of other categories of trades, investigation is pending in 33 cases. In some cases, references have been made to Financial Intelligence Unit – India, ED and CBDT. According to the agency, the total amount involved could be Rs 14,957 crores.

Our correspondent reports that the 4,479 crores rupees estimate is conservative as SIT has reached at this figure by taking conversion rate of one dollar equal to 45 rupees. With 1 dollar now equal to average 60 rupees, the black money held by these individuals could be around 6,000 crore rupees.