READ ALSO:

No new details in govt list, SIT chief says

Mein kabhi ruka nahi, jhuka nahi, bika nahi. We will make sure #BlackMoney comes back to India — Swami Ramdev (@yogrishiramdev) October 29, 2014

All this talk of black money is plain racist. Why should illegal money be black and legal money, white? — Pritish Nandy (@PritishNandy) October 29,

SC-appointed SIT on #blackmoney HSBC list has 700 names but #blacklist submitted to SC has 627 names. Are 73 names being shielded by Govt? — Dr. Munish Raizada (@DrMunishRaizada) October 29, 2014

The full black money account holder list should be made public. If doing legitimate business, why hold a Swiss account in secrecy? — Sanjay Jha (@JhaSanjay) October 29, 2014

Why does it take IT dept so long to figure who's money is black & who's legit when small fry like us get called for scrutiny twice in 4yrs? — Abhinandan Sekhri (@AbhinandanSekhr) October 29,

Most of 627 HSBC names likely to be legit accounts. No scam launderer will park his/her black money in HSBC of all banks — Minhaz Merchant (@minhazmerchant) October 29,

NEW DELHI: The Income Tax department is likely to initiate prosecution against close to 300 people whose names have been submitted to the Supreme Court on Wednesday in connection with the probe into alleged black money accounts in HSBC Bank in Geneva.Officials said the department has informed the Special Investigation Team (SIT), constituted to go into the issue, to allow it to start the "first step of prosecution" under two sections of the Income Tax Act.Prosecution is being sought under Section 277 (false statement in verification) and 276 D (failure to produce documents) so that the department can share information with other enforcement agencies like the ED and CBI, they said.The sources said the department has already realised Rs 200 crore in taxes and penalties from some of these account holders who have accepted to holding these accounts abroad. There could be another Rs 200 crore to Rs 300 crore in taxes and penalties that could be realised from the others, they said."The list of 627 Indians submitted to the apex court on Wednesday has close to 300 people against whom prosecution action can be launched soon. Basic prosecution, at least under select sections of the I-T Act. While some 120 cases are already under prosecution these fresh individuals and entities can also be booked based on prima facie evidence gathered by tax sleuths," sources said.They said this will enable the SIT to hand over some vital information to agencies like enforcement directorate and CBI who could take action under their mandates and the laws that they enforce.International and bilateral treaties allow a member nation to share such information obtained by one agency with others only at the stage of prosecution or when the matter is in the purview of courts of the land."The SIT has agreed to this and we expect to file new prosecutions sooner than later. In these 300 cases the I-T department has some evidence," they said.Officials said these cases pertain to the years 1999-2000 and they will get "time barred" by March 2015 and hence there is "no time to loose" for the authorities.Sources privy to the contents of these lists said there are a number of "established" cases where the foreign account is genuine and has been reflected in tax statements filed by the individual or entity.