Panama leaks: I-T sends fresh questionnaire to Amitabh Bachchan, others

the income tax department may approach courts or the Special Investigation Team to seek permission for probing cases dating back to more than seven years in the list of names revealed by the Panama Papers.
I-T sources said that prima facie there could be possible tax violations in such cases. Under the Income Tax Act, the department can reopen only cases dating back to seven years.
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The Income Tax department has also shot off a fresh questionnaire to actor Amitabh Bachchan and several others who have been named in the Panama Papers for their alleged undeclared offshore holdings.
Reports have alleged that Bachchan’s record in the expose show that he was a director of two foreign firms and had taken part in meetings regarding share transfer and loans. Denying any wrongdoing and claiming that his name was misused, the actor has said he had no links with the firms and that he has already sent his response on the issue to the Centre.

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The Enforcement Directorate, which probes foreign exchange violations, can probe cases up to 15 years. I-T sources said that if ED opens investigations, the tax department can seek its help. “Beyond seven years we will have to seek permission from the courts or the SIT which is probing the black money cases. The SIT is a panel of judges and they can approve the request of the department to reopen cases beyond seven years,” said an official. The SIT has been appointed to investigate cases related to black money.
Sources said the department has issued notices some of those named in the list and have asked them questions on whether they have withheld any information from the tax authorities.