Respite for black money holders as SIT approves compound offences
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Under the A top source, with direct knowledge of the matter, told The Economic Times that earlier this month, SIT Chairman Justice MB Shah and vice-chief Justice A Pasayat inked the compounding proposal which was initiated by the
According to the person, "This facility would be extended to foreign account holders who have fully complied, which means they have cooperated with the authorities and
He further added, "It (the facility of compounding) would be extended on a case-by-case basis for those who have partially complied."
Therefore, criminal proceedings against many who have bank accounts in
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Under Section 119 of the Income-Tax Act, CBDT will soon issue a notification allowing compounding of offences. Then, owners or beneficiaries of foreign accounts, who have fully or partially complied, can pay a fine to close the case.
In addition to this, even those who have not admitted the existence of foreign bank accounts have the option of paying taxes, signing so-called consent forms admitting to the account and availing the compounding facility. These individuals are seen as non-compliant by the tax authorities.
In case of compounding, the matter is resolved between I-T authorities and account holders, without any intervention by courts, the ET report added.
(Image: BCCL)
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