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HSBC black money list : I-T Dept to file 100 new cases

New Delhi: The Income Tax Department is planning to file another 100 new prosecution complaints against the individuals and entities figuring in HSBC black money list for the willful evasion of taxes.

The sources informed that the department will be collecting additional revenue of Rs 3,200 after completing assessment and prosecution of the cases as penalties and taxes. The tax department will be filing around 100 or more prosecution cases before March 31 in HSBC Geneva branch block money cases.

"The total amount of tax collection after the new cases related to the HSBC list will work out to around Rs. 6,350 crore," said an official.

As many as 240 cases linked to HSBC bank accounts in Geneva in which Indian nationals have kept black money are being investigated by the I-T department. According to Arun Jaitley, the union finance minister, the name of those who have illicit wealth in offshore accounts will be made public by the government once formal charges are framed.

Assessments in 128 cases out of 628 Indian entities or names reported on stolen HSBC list were completed by the I-T department till December 31 2014. The list was provided to India by France.

Jaitley had asked the IT- Department to complete all the cases before 31st march. There are several cases of account holders which are included in HSBC list which were investigate by the department independent of HSBC list which was provided by France.

Switzerland has also agreed to share the information related to HSBC and Liechtenstein lists in case the Indian authorities have collected the evidence.

Recently, the Central Board of Direct Taxes, has asked the probe wings to initiate the action with regard to getting assistance of foreign nations in taking the cases to suitable conclusion.