Global Tax 50 2014: Indian Special Investigation Team (SIT)

International Tax Review is part of Legal Benchmarking Limited, 4 Bouverie Street, London, EC4Y 8AX

Copyright © Legal Benchmarking Limited and its affiliated companies 2025

Accessibility | Terms of Use | Privacy Policy | Modern Slavery Statement

Global Tax 50 2014: Indian Special Investigation Team (SIT)

Former Supreme Court Justices, India

 Indian Special Investigation Team (SIT)

The SIT is a new entry this year

"We will not spare anyone," a source from the Special Investigation Team on black money told Indian media group New Delhi Television (NDTV). On May 1 2014, the Supreme Court of India appointed former Supreme Court Justice MB Shah as SIT chairperson. Shah's team consists of retired judges and regulators, whose mandate is to track 'black money' that country insiders believe flows out of India swifter than the Ganges. Formerly in the role was retired Justice BP Jeevan Reddy.

While campaigning, now-Prime Minister Narendra Modi promised to crack down on corporations and individuals who shift money to offshore accounts. On his first day in office on May 26, Modi tasked the SIT with making good on his campaign promises by probing the bank accounts of Indian residents abroad.

"A number of complexities would be there, but at present it is difficult for me to say which complexities I would face. But I will try to solve them as early as possible," said Shah. In October 2014 the team publicly named individuals and entities they believed to have illegally stashed money in Luxembourg and Germany after conducting preliminary investigations. The investigations received an abundance of media attention as many Indians believe it is a crucial step in fighting corruption. However the case raised questions over whether India could comply with confidentiality clauses in exchange of information agreements.

Some Indian media have questioned the group's commitment to tracking black money if it means implicating some of India's most powerful businesses.

"I have never bothered about personalities and nobody has dared to touch me. It is as good as that. Do not worry about it," said Shah in an interview earlier this year.

The Supreme Court has also asked the central government to complete investigations into the Swiss bank accounts of 627 Indian citizens by March of next year.

Former Justice Arijit Pasayat serves as vice-chairman of the team. The bench includes Chief Justice HL Dattu, Justice Ranjana Prakash Desai and Justice Madan B Lokur. The remaining 11 members include an Intelligence Bureau Director, Director of the Central Bureau of Investigation and Director General Narcotics Control Bureau, comprising a very intimidating collective CV.

"The Union of India and where needed, the state governments, will facilitate the conduct of the investigations in their fullest measure by the Special Investigation Team and functioning, by extending all the necessary financial, material, legal, diplomatic and intelligence resources, whether such investigations or portions of such investigations occur inside the country or abroad," stated the team in June.

Modi has insisted his new government will not protect the interests of big companies over the interests of the people. The effort of the SIT on black money is a significant step for the country, though it appears the Indian people may have to wait until 2015 to see returns on their investment.

The Global Tax 50 2014

View the full list and introduction

Gold tier (ranked in order of influence)

1. Jean-Claude Juncker  2. Pascal Saint-Amans  3. Donato Raponi  4. ICIJ  5. Jacob Lew  6. George Osborne  7. Jun Wang  8. Inverting pharmaceuticals  9. Rished Bade  10. Will Morris


Silver tier (in alphabetic order)

Joaquín AlmuniaAppleJustice Patrick BoyleCTPAJoe HockeyIMFArun JaitleyMarius KohlTizhong LiaoKosie LouwPierre MoscoviciMichael NoonanWolfgang SchäubleAlgirdas ŠemetaRobert Stack


Bronze tier (in alphabetic order)

Shinzo AbeAlberto ArenasPiet BattiauMonica BhatiaBitcoinBonoWarren BuffettECJ TranslatorsEurodadHungarian protestorsIndian Special Investigation Team (SIT)Chris JordanArmando Lara YaffarMcKessonPatrick OdierOECD printing facilitiesPier Carlo PadoanMariano RajoyNajib RazakAlex SalmondSkandiaTax Justice NetworkEdward TroupMargrethe VestagerHeinz Zourek

more across site & shared bottom lb ros

More from across our site

E-invoicing is currently characterised by dynamism, with fragmentation acting as a key catalyst for increasing interoperability, says Aida Cavalera of the International Observatory on eInvoicing
Pillar two and the US tax system ‘could work in harmony’, Scott Levine tells ITR in an exclusive interview to mark his arrival at Baker McKenzie
Peter White, who has a tax debt of A$2 million, has been banned for five years from seeking registration with Australia’s Tax Practitioners Board (TPB)
Wopke Hoekstra’s comments followed US measures aimed against ‘unfair foreign taxes’; in other news, Grant Thornton and Holland & Knight made key tax partner hires
An Administrative Review Tribunal ruling last month in Australia v Alcoa represents a 'concerning trend' for the tax authority, one expert tells ITR
A recent decision underlines that Indian courts are more willing to look beyond just legal compliance and examine whether foreign investment structures have real business substance
Following his Liberal Party’s election victory, one source expects Mark Carney to follow the international consensus on pillar two, as experts assess the new administration
A German economics professor was reportedly ‘irritated’ by how the Finnish ministry of finance used his data
Countries that care about the fair taxation of tech multinationals and equitable global distribution of wealth should back the UN’s tax framework, writes economist Abdelmalek Riad
The cuts disproportionately affected staff in certain positions, the report also found; in other news, MHA announced the €24m acquisition of Baker Tilly South East Europe
Gift this article