Income Tax department to prosecute about 300 account

The Income Tax depart­ment is like­ly to ini­ti­ate pros­e­cu­tion against close to 300 peo­ple whose names have been sub­mit­ted to the Supreme Court on Wednes­day in con­nec­tion with the probe into alleged black mon­ey accounts in HSBC Bank in Gene­va. Pros­e­cu­tion is being sought under Sec­tion 277 (false state­ment in ver­i­fi­ca­tion) and 276 D (fail­ure to pro­duce doc­u­ments) so that the depart­ment can share infor­ma­tion with oth­er enforce­ment agen­cies like the ED and CBI, they said.

The sources said the depart­ment has already realised Rs. 200 crore in tax­es and penal­ties from some of these account hold­ers who have accept­ed to hold­ing these accounts abroad. There could be anoth­er Rs.200 crore to Rs.300 crore in tax­es and penal­ties that could be realised from theothers, they said.

“The list of 627 Indi­ans sub­mit­ted to the apex court today has close to 300 peo­ple against whom pros­e­cu­tion action can be launched soon. Basic pros­e­cu­tion, at least under select sec­tions of the I‑T Act. While some 120 cas­es are already under pros­e­cu­tion these fresh indi­vid­u­als and enti­ties can also be booked based on pri­ma facie evi­dence gath­ered by tax sleuths,” sources said.

Offi­cials said these cas­es per­tain to the years 1999–2000 and they will get “time barred” by March 2015 and, hence, there is “no time to loose” for the authorities.