THE PRIEST

  The Union Cabinet approved constitution of Special Investigating Team (SIT) to implement the decision of the Hon’ble Supreme Court on large amounts of money stashed abroad by evading taxes or generated through unlawful activities. The SIT will be headed by Hon’ble Mr. Justice M.B. Shah, former Judge of the Supreme Court as Chairman and Hon’ble Mr. Justice Arijit Pasayat, former Judge as Vice Chairman. The Members of the High Level Committee will comprise: i. Secretary, Department of Revenue ii. Deputy Governor, Reserve Bank of India, iii. Director (IB), iv. Director, Enforcement v. Director, CBI vi. Chairman, CBDT, vii. Director General, Narcotics Control Bureau viii. Director General, Revenue Intelligence ix. Director, Financial Intelligence Unit x. Director, Research and Analysis Wing and xi. Joint Secretary (FT&IR-1), CBDT The SIT has been charged with the responsibility and duties of investigation, initiation of proceedings and prosecution in c...

The Supreme Court   constituted a Special Investigation Team (SIT) to take steps to bring back unaccounted monies. The SIT will function under the chairmanship of the retired Supreme Court judge, B.P. Jeevan Reddy. The court directed the government to issue a notification forthwith regarding the appointment of the SIT and ordered that the government machinery cooperate with it. Writing the order, Justice Sudershan Reddy rejected the government contention that since a high-level committee (HLC) was set up there was no need for a SIT. “The volume of alleged income-taxes owed to the country, as demanded by the Union of India itself, and the volume of monies, by some accounts $8.04 billion, and some other accounts in excess of Rs. 70,000 crore, are said to have been routed through various bank accounts of Hassan Ali Khan and Tapurias. Further, from all accounts it has been acknowledged that none of the named individuals has any known and lawful sources for such huge...