[rti4empowerment] HATS OFF S.C. – MONEY STASHED IN FOREIGN BANKS–ITS (LOOT) AND IS NOT CONFINED TO NON-PAYMENT OF INCOME TAX ONLY.

HATS OFF S.C. – MONEY STASHED IN FOREIGN BANKS–ITS (LOOT) AND IS NOT CONFINED TO NON-PAYMENT OF INCOME TAX ONLY.   M K GUPTA   Some remarks of the Bench comprising Justice B. Sudarshan Reddy and S S Nijjar.   This is "mind boggling crime".   "One trillion dollars is one estimate of the black money quantum.  It is huge money quantum.  It is huge money, almost plunder of the nation and of far reaching consequence.  Yet, the government has summarized the efforts as recovery of tax evaded on money kept in foreign banks.  This is the worrying point."   Court asked Solicitor General Shri Gopal Subramaniam that "Is this all the information you got since the petition was filed in 2009?"     On secrecy clause in the double tax avoidance agreement treaties, the Court shot back: "We can't understand why government is stylizing money parked abroad as tax evasion.  We are talking about pure and simple theft of national economy, a mind-boggling crime.  We are not (talking) about niceties of this treaty or that treaty."   PM response after hours of hearing:   "We have got some information… for use in the collection of due taxes.  We can't use the information for any other purposes and that information can't be made public".   Govt. also told SC that it can only probe 18 accounts out of 26 as 8 were outside India's jurisdiction. (though the money stashed is Indian).   On 26 accounts held by Indian in LGT Bank, Solicitor General, Gopal Subramaniam said, "We are ready to share information with the court".