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 2024

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 & bottom lb ros

More from across our site

It comes despite an offshore enabler penalty existing in the UK throughout the entire period
It is extraordinary that tax advisers in the UK can offer their services without having to join a professional body. This looks like it is coming to an end, Ralph Cunningham writes
Meet the esteemed judges who are assessing the first-ever Social Impact Awards
The ‘big four’ firm has also vowed to spend more on nurturing junior talent; in other news, Blick Rothenberg has hired a pair of tax partners
However, making APAs harder to reach could ‘pose problems’ for UK businesses
Microsoft's director of benefits taxation tells ITR about having no normal days, family inspiration and what makes tax cool
The 61-year-old has run the firm’s UK business since 2020
The report, which again demanded PwC release more information related to the scandal, 'did not go far enough', Australian Greens Senator Barbara Pocock told ITR
Resources needed to manage new compliance and financial reporting requirements will be significant, BDO also said
Interested parties may submit their comments on proposed bills and the subsidiary legislation by July 5
Gift this article