The Supreme Court is taking no excuse for stashing black money abroad and wants answers from the Government..The Supreme Court is taking no excuse for stashing black money abroad and wants answers from the Government..A Supreme Court Bench comprising of Justices B. Sudershan Reddy and Surinder Singh Nijjar while hearing a petition filed by Senior Advocate Ram Jethmalani said, “It is a pure and simple theft of the national money. We are talking about mind-boggling crime. We are not on the niceties of various treaties”..Solicitor General Gopal Subramanium tried explaining the nuances of the Double Taxation Avoidance Agreement (DTAA) before the Bench, but the Court expressed unhappiness about the Government filing an affidavit restricting information to Rs. 43 crore, deposited by 26 persons in Liechtenstein Bank in Germany..The Central Board of Direct Taxes (CBDT) later submitted the list of Indians who have accounts in Liechtenstein’s LGT Bank to the Supreme Court, but refused sharing the list with the public on the grounds that it would violate a sovereign agreement between India and Germany..The Writ Petition has been filed by biggies such as Senior Advocate Ram Jethmalani, Subash Kashyap and K.P.S. Gill reports the Times of India..Senior Advocates Anil Divan, Rajindra Sachchar and Lata Krishnamurty represented the petitioners along with R.N. Karanjawala and Manik Karanjawala of Karanjawala & Co. Advocates Sandeep Kapur, Ravi Sharma, Ranbir, Pranab, Arjun Mahajan, Meenakshi Arora, Gaurav Jain and Abha Jain assisted the senior counsel’s..The Government was represented by Solicitor General Gopal Subramanium along with Additional Solicitor General Parag P. Tripathi. Advocates assisting the senior counsels are Kunal Bahri, D. Mohta, Amay Nargolkar, Arijit Prasad, T.A. Khan, Varun Singh, Kuldeep S. Parihar, H.S. Parihar, B.V. Balaram Das, Bhaskar Y. Kulkarni and Anagha S. Desai..The Government has stated that it was ready to share information with the Supreme Court, but not make it public since it is presently in the process of getting details of Indians from other countries under the DTAA regime..Public sharing would violate Clause 26 of the DTAA, and also hamper negotiations with countries on amending the existing DTAA’s to provide for exchange of information related to bank accounts. Under Clause 26, the information submitted is privileged and details of the informant, its recipient and that of accountholders cannot be revealed to any third person except share it with the court or investigating agencies.. Normal 0 false false false EN-IN ZH-TW X-NONE MicrosoftInternetExplorer4 Senior Advocates Anil Divan, Rajindra Sachchar and Lata Krishnamurty represented the petitioners along with R.N. Karanjawala and Manik Karanjawala of Karanjawala & Co. Advocates Sandeep Kapur, Ravi Sharma, Ranbir, Pranab, Arjun Mahajan, Meenakshi Arora, Gaurav Jain and Abha Jain assisted the senior counsel’s. The Government was represented by Solicitor General Gopal Subramanium along with Additional Solicitor General Parag P. Tripathi. Advocates assisting the senior counsels are Kunal Bahri, D. Mohta, Amay Nargolkar, Arijit Prasad, T.A. Khan, Varun Singh, Kuldeep S. Parihar, H.S. Parihar, B.V. Balaram Das, Bhaskar Y. Kulkarni and Anagha S. Desai.The Government has stated that it was ready to share information with the Supreme Court, but not make it public since it is presently in the process of getting details of Indians from other countries under the DTAA regime.Public sharing would violate Clause 26 of the DTAA, and also hamper negotiations with countries on amending the existing DTAA’s to provide for exchange of information related to bank accounts. Under Clause 26, the information submitted is privileged and details of the informant, its recipient and that of accountholders cannot be revealed to any third person except share it with the court or investigating agencies.
