New Delhi:On Monday The Supreme Court has appointed Special Investigation Team to determine black money asked the Enforcement Directorate, Central Board for Direct Taxes and Department of Revenue Intelligence to analyze the 'Panama documents' and launch a examination to detect possible money laundering and black money angles.

It needed a preliminary status  report by April 25,the special investigation team headed by two former apex court judges-Justice Arijit Pasayat and M B Shah-they asked the three agencies to do an in-depth examination of the released documents and investigate Indian firms and people who prima facie appear to have nourish in money rinsing , tax evasion or attempted to convert black money into white by floating seaward companies.

Probe agencies’ sources  said, “the first task was to authenticate the contents of the documents with facts, whether the offshore firms were actually set up and the nature of transactions they indulged in. Once the transactions are tracked, the agencies will have to find out whether any money was routed back to the Indians named in the documents followed by examination of the income tax returns filed by them”

As per the sources,”Investigations into tax evasion or action under criminal law would be launched only if there is evidence to show that the personalities indulged in money laundering or turned black money legitimate through these transactions”