Supreme Court directed Union to prosecute black money hoarders abroad by 31 March 2015

The Supreme Court on 3 December 2014 directed the Union to complete prosecution of black money hoarders abroad under the Income Tax Act, 1961 by 31 March 2015.

A SC Bench comprising of Chief Justice of India H L Dattu, Justice Madan B Lokur and Justice A K Sikri directed the Union and Special Investigation Team (SIT) to probe the cases of black money.

The court also said that if for any reasons the probe remains inconclusive then appropriate decision will be taken by Union to extend the deadline of 31 March 2015.

The court also asked SIT head Justice M B Shah to consider the plea of petitioner Ram Jethmalani to provide him the copies of the reports of SITs probes into the black money cases without blackening the content.

Earlier in October 2014, the Centre submitted to the Supreme Court a list of 627 Indians holding black money in accounts abroad in HSBC bank, Geneva.

According to the amendment of Income Tax Act, 1961 recently, the period of limitation for launching prosecution has been extended from six years to 16 years to enable the prosecution of black money hoarders.