Over a year after Washington-based International Consortium of Investigative Journalists (ICIJ) made the documents public, the CBDT said it has found 147 of the total 426 cases "actionable".
"Investigations have led to the detection of undisclosed credits (in offshore bank accounts) of about Rs 792 crore so far. Investigation is in full swing," the Central Board of Direct Taxes (CBDT), the poilcy-making body of the income tax department, said in a statement.
It said that taxman has filed 5 criminal prosecution complaints in these instances, while it has served seven notices under the new anti-black money act to the entities allegedly involved.
The department also conducted searches in 35 cases and surveys in 11, it said.
"The Income Tax Department conducted enquiries in all 426 cases, inter alia, through making 395 references to 28 foreign jurisdictions.
The Panama Papers, the CBDT said, contained brief particulars of about 426 persons, prima facie, Indians or persons of Indian origin.
The government constituted a multi-agency group (MAG) of investigative agencies in April last year to probe these instances.
The MAG has so far submitted seven reports to the government.
The CBDT said further investigation was in progress.
Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on ndtv.com/elections. Like us on Facebook or follow us on Twitter and Instagram for updates from each of the 543 parliamentary seats for the 2019 Indian general elections.