Citing anonymous sources, the publication reported that the department has approached the Central Board of Direct Taxes (CBDT) in this regard.
The tax authority had received more than 700 names in a list of black money account holders in HSBC in Geneva reportedly provided by the French government.
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The tax authority is also believed to have recommended initiating action against the bank for allegedly abetting false I-T returns, concealing income to thwart tax recovery.
The sources also told the publication that CBDT has asked for an opinion from both the law and external affairs ministry pertaining to the possible action against the British bank.
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