Centre Reveals Three Names From Black Money List in Supreme Court

Mangalore Today News Network

New Delhi, Oct 27, 2014: The Centre today named before the Supreme Court two persons and a company that it alleges have stashed untaxed or black money in foreign accounts.

Pradip Burman of the Dabur India group, Rajkot-based bullion trader Pankaj Chimanlal Lodhiya and five members of Goa-based mining firm Timblo have been named in the government’s affidavit on black money in court. They are being prosecuted for tax evasion as unaccounted for money was found in their foreign accounts, the government said.

Dabur, one of India’s top consumer goods companies, has said that Pradip Burman’s account is legal and that it is "unfortunate" that every foreign account holder is being painted with the same brush.

"We wish to state that this account was opened when he was an NRI, and was legally allowed to open this account. We have followed all the laws and the complete details regarding the account have been voluntarily, and as per law, filed with the Income Tax Department, and appropriate taxes paid," Dabur said in a statement.

Pankaj Lodhiya also denied any wrongdoing, saying, "I do not have any Swiss account. I have declared all assets and I have not been served any notice." (Read more)

In its affidavit, the government told the court that it has no intention of withholding names and they would be revealed in cases where tax evasion was established.

"Every foreign account held by an Indian may not be illegal and names cannot be disclosed unless there is prima facie evidence of wrongdoing," the affidavit said.

The government had faced opposition criticism when it earlier told the court that tax treaties don’t allow the disclosure of names till charges are framed in court. The Congress then alleged that the BJP’s promise of bringing back black money to India within 100 days of coming to power was bluster.

Today’s disclosure of names comes as sources suggest that four Congress leaders, including a former junior minister, are under investigation.