Panama Papers: I-T slaps criminal charges under anti-black money

Agencies
November 19, 2017

New Delhi, Nov 19: Stepping up probe into the Panama Papers, the Income Tax Department has slapped criminal charges under the new anti-black money Act and launched fresh assessment of stashed offshore income against more than six Indian entities in the list, official sources said.

They said the department has detected undisclosed assets and stashed funds located in foreign countries in case of seven individuals and entities named in the leaks and the taxman has begun investigations against them under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.

Sources privy to the probe said the tax department has ordered fresh assessment and also re-assessment of the income of these entities and will soon launch criminal prosecution against all of them as the entities had reportedly not disclosed offshore properties to Indian tax and banking authorities in the past.

These are the first set of cases of undisclosed foreign assets which are being probed under the new anti-black money Act, that has criminal sections for prosecution under the law.

Under the new anti-black money law, cases of overseas illegal assets, which till recently were probed under the regular and civil Income Tax Act of 1961, attract a steep 120% tax and penalty on undisclosed foreign assets and income besides carrying a jail term of up to 10 years.

Prosecution of these seven entities under the Prevention of Money Laundering Act (PMLA) would also be initiated in the coming days, as the anti-black money Act of 2015 qualifies to be a predicate offence for money laundering investigations, they said.

The sources refused to divulge the identities of the seven entities citing the overriding global tax information exchange secrecy clauses between various countries.

The Central Board of Direct Taxes has recently said that investigations in the Panama Papers leak cases till now have resulted in the I-T Department detecting undisclosed wealth of Rs 792 crore so far and the probe in these cases is on in "full swing".

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News Network
September 18,2024

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Thousands of members of the Lebanese resistance movement Hezbollah as well as civilians have been killed or wounded after wireless communication devices, known as pagers, exploded in different locations across the country on Tuesday, September 17. 

In its latest update, the Lebanese health ministry said at least nine people have been killed and 2,800 others wounded in the explosions that were first reported in the southern suburbs of Beirut. 

"Patients are being transferred to different governorates in Lebanon as hospitals in southern Lebanon have exceeded their capacity," the ministry stated.

Among those killed are a 9-year-old girl and son of a lawmaker affiliated with Hezbollah, Press TV correspondent in Beirut Mariam Saleh said in a report from the Lebanese capital.

The little girl has been identified as Fatima Jafar Abdullah while the young man is Mahdi Ammar, son of 'Loyalty to the Resistance' bloc MP Ali Ammar.

Iran’s ambassador to Lebanon, Mojtaba Amani, is also among the injured. His wife took to X, formerly Twitter, to confirm his injury in the pager explosion but said his condition was stable. 

Saleh said certain people who were carrying pagers noticed them heating up before the explosions took place, adding that Israelis are on a state of high alert, expecting a response from Hezbollah.

Based on preliminary investigation, officials were quoted as saying that the blasts appear to have been caused by a remote cyber attack orchestrated by the Israeli regime amid heightened tensions.

Footage shared on social media showed the wounded being taken to hospitals in Beirut and southern Lebanon. Many were seen assembling in front of hospitals and health centers to assist the injured.

In its latest statement, Hezbollah said after examining all facts and available information about the attacks that they hold the Israeli regime "fully responsible for this criminal aggression that also targeted civilians and led to the martyrdom of several people and the injury of many others."

"Our martyrs and wounded are the symbol of our struggle and sacrifices on the road to Al-Quds, in victory for our honorable people in the Gaza Strip and the West Bank and continuous field support.

"Our position of victory, support and backing for the valiant Palestinian resistance will remain a source of pride and honor for us in this world and the hereafter.

"The treacherous and criminal enemy will certainly receive its punishment for this sinful aggression," read the statement.

In its earlier statement, Hezbollah said at least three people, including a girl, had been killed in the pager explosions and many others sustained injuries.

The movement said relevant authorities were conducting security and scientific investigations to determine the causes of these simultaneous explosions.

The Lebanese health ministry has asked all its medical workers in Beirut and southern Lebanon to remain on alert and respond to all emergency medical cases.

The ministry has also urged all pager owners to dispose of their devices with immediate effect. 

Lebanon’s Minister of Health, Firas Abiad, earlier said the number of injured was in the “hundreds” and there were some fatalities from the explosions.

There has been no immediate comment from the Israeli military on Tuesday's attacks although some reports suggest that the regime officials have been advised to remain tight-lipped about it.

Israel has been regularly exchanging fire with Hezbollah since last October, shortly after the regime launched its genocidal war on Gaza after the Hamas resistance group carried out Operation Al-Aqsa Storm in retaliation for the relentless atrocities against the Palestinian people.

Experts believe the Israeli regime, after being militarily defeated, is resorting to desperate attacks against ordinary people in both Lebanon and Gaza, which will only hasten its demise. 

More than 41,200 Palestinians have been killed by the occupying regime in the besieged Gaza Strip in the past 11 months, most of them children and women. 

Condemnations have started pouring in against Tuesday's mass pager explosions in Lebanon, with Palestinian resistance groups as well as Yemen's Ansarullah strongly condemning it.

In a phone call with his Lebanese counterpart, Iranian Foreign Minister Abbas Araghchi strongly condemned the Israeli terrorist attack targeting the Lebanese people.

He also expressed condolences to Lebanon and said Iran is ready to assist in treating the wounded or transferring them to Tehran.

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News Network
September 20,2024

Starting in the 2025-26 academic year, private universities in Karnataka offering professional courses will no longer conduct separate entrance exams. This decision follows a directive from the state’s Higher Education Department, prompting private universities to form an association and agree to this significant change.

In a recent meeting with Higher Education Minister Dr. M. C. Sudhakar, representatives from 17 private universities confirmed their decision to discontinue individual entrance tests. Of the 27 private universities in the state, 17 offer professional courses, and they have collectively agreed to accept scores from existing national or state-level entrance exams.

“Some universities will consider JEE scores, others will rely on KCET, and a few are inclined towards COMEDK,” Dr. Sudhakar stated, leaving the choice of examination to the universities themselves. However, the department has also suggested that the universities consider a unified entrance test for admissions.

Looking ahead, Dr. Sudhakar hinted that the government may introduce a common entrance test for general degree courses at private universities as well. "As government colleges and universities currently don’t require entrance exams for general degree courses, we haven’t made any decisions on this yet," he explained.

The meeting also addressed concerns over the high fees charged by private universities. To regulate this, the universities were instructed to establish fee fixation committees, headed by retired judges, as required by law. These committees will be responsible for determining tuition fees. Additionally, the government will continue to regulate fees for 40% of seats in professional courses that are filled through KCET.

In an effort to bring greater uniformity among private institutions, the government is considering enacting a common law for all private universities, which would replace the individual acts currently governing each university. This would place all private universities under a single regulatory framework.

This move is expected to streamline the admissions process and create a more standardized system for both professional and general degree programs across Karnataka's private universities.

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News Network
September 20,2024

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The Israeli military has carried out airstrikes against the Lebanese capital Beirut. On Friday, the military said it had staged a “targeted strike” against the city.

At least five children are among those killed in the attack.

Lebanon’s al-Mayadeen television network said a drone had fired several missiles against Beirut’s heavily-populated Dahiyeh suburb.

According to Lebanon’s official National News (NNA), “five children were martyred in the hostile airstrike.”

The agency added that an F35 jet targeted residential areas with two strikes.

Media outlets cited sources as saying that the attack targeted Ibrahim Aqil, a senior commander of Lebanon’s Hezbollah resistance movement.

Aqil is a member of Hezbollah’s Jihad Council, which is responsible for directing the group’s military and security activities.

He has replaced Fuad Shukr, who was assassinated in an Israeli targeted killing attack against Beirut on July 30. 

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