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 19,2024

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At least 20 people have been killed as more communication devices detonated in Lebanon a day after simultaneous explosions of pagers across the country left at least a dozen dead and thousands injured.

Explosions were reported in multiple locations in Lebanon, including at the site of a funeral for a child killed in a pager explosion the previous day.

Media reports said that several blasts occurred simultaneously in Beirut similar to what happened on Tuesday. Several explosions were also reported in southern and eastern Lebanon.

Lebanon’s Health Ministry said at least 20 people were killed and more than 450 injured in the new wave of explosions. 

An informed source said that the detonated devices came from the same batch of cargo as the detonated pagers, all imported from the same company.

The Lebanese Army Command called on the people not to gather in the scenes of security incidents to allow the arrival of medical teams.

Civil defense teams are extinguishing the fires that broke out as a result of the explosions, while ambulance teams continue to transport the injured.

The new act of aggression came as top Hezbollah official Sayyed Hashem Saffieddine was delivering a speech affirming that the Israeli acts of terrorism will have their own punishment, stating that the resistance is steadfast and capable of inflicting more defeats on the enemy.

The Hezbollah official said a speech by the movement’s Secretary-General Sayyed Hassan Nasrallah, planned for Thursday, will clarify matters and that the movement will face a new pattern and a new confrontation with the enemy.

Thousands of pagers widely used by resistance factions and also public service workers exploded on Tuesday, leaving at least a dozen dead and around 3,000 people injured.

The Lebanese government has blamed Israel. Hezbollah has promised the Israeli regime will receive ‘just punishment’ for the attacks.

Taiwanese company Gold Apollo said the pagers used in the Israeli deadly terrorist attack on Tuesday had been made by a Hungarian firm, to which the company had authorized its brand on the devices.

The company made the remarks in a statement on Wednesday, identifying the firm as BAC Consulting KFT based in the Hungarian capital Budapest.

The UN Security Council is due to meet on Friday to discuss the latest blasts that hit Lebanon, council president Slovenia said on Wednesday after Lebanon requested an emergency meeting.

UN Secretary-General Antonio Guterres said Wednesday that civilian objects should not be weaponized.

"I think it's very important that there is an effective control of civilian objects, not to weaponize civilian objects -- that should be a rule that... governments should, be able to implement," Guterres said at a briefing at UN headquarters.

"As important as the event in itself, is the indication that this event confirms that there is a serious risk of a dramatic escalation in Lebanon -- and everything must be done to avoid the escalation," he said.

"What has happened is particularly serious, not only because of the number of victims that it caused, but because of the indications that exist that this was triggered, I would say, in advance of a normal way to trigger these things, because there was a risk of this being discovered."

The Euro-Mediterranean Human Rights Monitor described the detonation of pagers and wireless devices in Lebanon on Tuesday and Wednesday as a blatant violation of international law.

The organization said the attack did not only target Hezbollah members but also indiscriminately exploded devices used by civilians.

The timing of the attack indicates that Israel did not take necessary precautions, as it occurred when device users were at home with their families, leading to numerous severe civilian injuries, including children, it said.

Israel's actions constitute a flagrant violation of international humanitarian law, which prohibits indiscriminate attacks and the targeting of civilians and their property, and mandates that warring parties distinguish between civilians and combatants at all times, the rights monitor said.

The organization called for an urgent and independent international investigation into these attacks and pressure on Israel to immediately stop its crimes and prevent further escalation in the region.

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News Network
September 13,2024

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In a huge relief for Delhi Chief Minister Arvind Kejriwal ahead of the Haryana elections, the Supreme Court has granted him bail in the Delhi excise policy case. The AAP chief will now be released from jail, six months after his arrest by the Enforcement Directorate on March 21. He was subsequently arrested by the CBI in June.

Here are some of the Supreme Court's key quotes:

•    Perception also matters and CBI must dispel the notion of being a caged parrot and must show it is an uncaged parrot. CBI should be like Caesar's wife, above suspicion. 

•    "No impediment in arresting person already in custody. We have noted that CBI in their application recorded reasons as to why they deemed necessary. There is no violation of Section 41A (3) of Code of Criminal Procedure," said Justice Surya Kant.

•    Justice Ujjal Bhuyan, however, noted, "CBI did not feel the need to arrest him (Mr Kejriwal) even though he was interrogated in March 2023 and it was only after his ED arrest was stayed that CBI became active and sought custody of Mr Kejriwal, and thus felt no need of arrest for over 22 months. Such action by the CBI raises serious question on the timing of the arrest and such an arrest by CBI was only to frustrate the bail granted in ED case."

•    Submission of additional solicitor general cannot be accepted that appellant has to first approach trial court for grant of bail. Process of trial should not end up becoming a punishment. Belated arrest by CBI is not justified.

•    Regarding building a public narrative of a case... Arvind Kejriwal shall not make any public comments about this case and be present for all hearings before trial court unless exempted.

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News Network
September 12,2024

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Mysuru: More than 50 people have been arrested in connection with the riots between two groups of different faiths, at Nagamangala town, Mandya district, over the Ganesha idol procession, on Wednesday night.

High drama prevailed in front of the Nagamangala town police station on Thursday morning, with women belonging to both Hindu and Muslim communities staging a protest against the arrest of their family members and demanding their release.

The two groups started arguing over the Ganesha idol procession on the Mysuru-Nagamangala road, near a 'dargah'. This soon turned violent with stone being pelted. Reports said that around 25 shops were also set on fire.

Several vehicles were damaged and torched by the mob. However, police intervened and brought the situation under control, deploying additional police forces.

Holiday has been declared to schools and colleges in Nagamangala town until further notice. Police have imposed section 144 till 12 noon of September 14.

SP Mallikarjuna Baladandi, IGP (Southern Range) Boralingaiah, DC Kumar and other officials visited the spot.

District incharge Minister N Chaluvarayaswamy visited the spot on Thursday morning and took stock of the situation. Speaking to reporters he said, the incident was unfortunate.

"The clash which started around 9 pm on Wednesday, flared up with miscreants setting fire, damaging shops and vehicles in the town. There is no need for anxiety. Additional police forces have been deployed in the town and the situation is under control now," he said.

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