Panama papers :IT department unearthed Rs 790 cr undisclosed Income

New Delhi Nov 7: The Income Tax Department on Monday has revealed that Investigations in the Panama Papers cases have resulted in the Income Tax Department detecting undisclosed wealth of about Rs 792 crore in 147 actionable cases out of 426 so far.

Panama papers was a joint collaborative Investigations which was carried out by 90 global media organisations and have exposed how politicians have benefitted from offshore companies.

The CBDT said that "out of the 147 actionable cases, searches have been conducted in 35 cases and surveys in 11 cases along with five criminal prosecution complaints being filed. Notices under Section 10 of the Black Money (Undisclosed Foreign Income & Assets) and Imposition of Tax Act, 2015, have been issued for seven cases, it said. "Further investigation in all the cases is in progress".

The Agency has also said that "the multi-agency group (MAG) of investigative agencies set up by the government in April last year to probe cases related to Panama Papers has so far submitted seven reports."

"The Income Tax Department conducted inquiries in all 426 cases, inter alia, through making 395 references to 28 foreign jurisdictions. Based on analysis of the information obtained and investigation conducted, the outcome so far indicates 147 actionable cases and 279 non-actionable cases (non-residents/or no irregularities)" agency added.

The response from CBDT assumes significances because on Monday the ICIJ has brought out Paradise papers which are much bigger than the Panama Papers.