Taxman to compulsorily file court case if illegal foreign assets detected

Taking tough stance against black money, the Central Board of Direct Taxes (CBDT) has directed the Income Tax department to mandatorily launch court cases against people found to be holding stash funds and tainted assets abroad and consider compounding of such offences only at a later stage. The apex policy-making body of the tax department has recently issued a directive in this regard to all I-T offices in the country after the later raised doubts over the applicability of the provisions of the compounding of offences under the Income Tax Act, 1961 in these cases.

Business Standard, New Delhi, 9th Sept. 2015