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Panama Papers: I- T dept approaches 12 nations to widen probe

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Faced with resistance in disclosures by those named in the Panama Papers, the Income Tax department has made references to about a dozen countries in order to obtain actionable evidence against such Indian entities.

Officials said a special wing under the Central Board of Direct Taxes ( CBDT) has made multiple requests to their counterparts in foreign nations as part of the I- T departments tax evasion probe against those named in these leaks.

They said that the taxman was faced with non- cooperation and and non- acceptance of their accounts as revealed in the Panama papers and hence the department had to approach the foreign jurisdictions, including Switzerland, British Virgin Island and the UK . In many cases, the department has reported, that those named on the list are refusing to be the beneficial owners.

Business Standard, New Delhi, 11 July 2016
 

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