The court also granted four-day custody of Khan to the Enforcement Directorate.
Hassan Ali Khan is a Pune-based stud farm owner, but says that he is a scrap dealer with an annual income of Rs 30 lakh (Rs 3 million).
Court had earlier said that ED should find out if the money allegedly amassed by Khan is proceeds of crime.
Apex court had on August 16 stayed the bail granted to Khan after the ED moved a petition challenging the High Court order.
A probe report will also be submitted to the apex court investigations are complete.
Hassan Ali Khan, the Pune-based real estate consultant and stud farm owner, who is alleged to have stashed away over $8 billion in foreign banks, on Friday appeared before Income Tax authorities, apparently in connection with notices issued to him over huge tax evasions.
All India Anna Dravida Munnetra Kazhagam chief J Jayalalithaa on Monday issued legal notices to three media organisations, including the DMK-backed Kalaignar TV, for carrying 'frivolous' reports linking her to Pune-based businessman Hasan Ali Khan, accused of stashing black money abroad.
The truth is more than what is being shown to the naked eye, said the court.
Khan was produced before the court of the principal sessions court judge M L Tahaliyani on Tuesday.
The Supreme Court on Tuesday mulled invoking terror and other stringent penal charges against Pune stud owner Hassan Ali Khan, accused of massive money laundering and tax evasion, for his alleged links with arm dealers and people linked to terror activities.
The apex court fixed Wednesday for further hearing on the matter.
Alleging that Khan has links with international arms dealer Adnan Khashoggi, Khambatta said: "In 2003, $300 million was apparently received by Khan from Khashoggi from weapon sales."
Court criticised ED for not mentioning the filing of a charge sheet in its status report.
The Centre on Friday approached the Supreme Court seeking review and recall of its order for setting up a Special Investigation Team comprising its retired judges to take over the probe of all black money cases, including that of Pune stud farm owner Hassan Ali Khan.
A Bench of Justices B Sudershan Reddy and S S Nijjar said that after four days of police custody give to ED, he will be remanded in judicial custody.
The meet assumes significance as the Mumbai unit of the I-T department is handling probe into high-value cases of tax evasion including the Indian Premier League case, probe into the investments of Pune-based stud farm owner Hassan Ali Khan and tax related cases of the top cricketing body of the country -- Board of Control for Cricket in India.
The IT department, which earlier had raised a total tax demand of Rs 71,845 crore (Rs 718.45 billion) on Khan and his associates, has now included a 24 per cent penalty on this amount as the assessment on them was made in 2008, according to department sources on Wednesday.
The centre had opposed the plea, saying Asthana had an outstanding career and had supervised over 40 high-profile cases like coal scam, AugustaWestland scam, blackmoney and money laundering cases.
The apex court said its two-judge bench in its July 4 2011 order for setting up of SIT felt that 'no effort was made to bring back the money stashed in foreign banks' which could have been accounted and pumped into the 'mainstream of the Indian economy'.
Our income tax department should bring out monthly bulletin as well as annual reports providing insights into the nature of our direct tax segments, points out R Vaidyanathan.
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