SC reconstituted SIT headed by Justice MB Shah to probe into Black Money Cases

The Supreme Court of India on 1 May 2014 reconstituted a Special Investigation Team (SIT) to monitor the probe into the black money case. To provide guidance and direction to the SIT in investigation of all cases of black money in the country and abroad, the Court appointed retired judge MB Shah as its Chairman and retired Judge Arijit Pasayat as the Vice Chairman.

The SIT’s Chairman and Vice Chairman were appointed by a bench of the Supreme Court that comprised Justice H L Dattu, Justice Ranjana Prakash Desai and Justice M B Lokur.

The apex court in its direction has ordered the Centre to furnish all documents and information about the cases in which probe is complete in a sealed cover to petitioners, within three days. It also asked the government to make public details of all 26 cases of individuals probed for stashing black money into foreign tax havens.

Background
The central government on 29 April 2014 placed 26 names and documents of account holders in Liechtenstein Bank (LST bank) in Germany in a sealed cover to the Supreme Court. The Supreme Court ordered the centre to make public the names of account holders in LGT bank that was received by it in 2009 from the authorities of German tax.

The 26 names were placed by the centre to the Apex court after resisting for more than three years. In its finding the centre revealed names of 18 cases (of which one tax payer has expired) with a claim that they stashed black money in the LST bank and against whom prosecution have been launched by the Income Tax department.

It also placed names of other individuals with respect of eight other cases in a sealed envelope claiming the no evidence of tax evasion was found. Centre also asked the Supreme Court bench headed by Justice HL Dattu not to make public those names.