Undis­closed in­come of Rs 71,941 cr found in 3 years: Govt to SC

The Northlines - - BUSINESS -

Mas­sive searches, seizures and sur­veys by the In­come Tax (I-T) De­part­ment over the last three years have led to the de­tec­tion of around Rs 71,941 crore of “undis­closed in­come”, the Centre has told the Supreme Court.

Dur­ing the pe­riod of de­mon­eti­sa­tion from Novem­ber 9 last year to Jan­uary 10 this year, “The to­tal undis­closed in­come ad­mit­ted was more than Rs 5,400 crore” and the to­tal quan­tity of gold seized stood at 303.367 kg, the Fi­nance Min­istry has said in an af­fi­davit to the apex court. It gave the de­tails of the un­ac­counted in­come for three years from April 1, 2014, to Fe­bru­ary 28 this year, in­clud­ing the de­mon­eti­sa­tion pe­riod.

The af­fi­davit said that dur­ing the three-year pe­riod, searches were un­der­taken by the I-T De­part­ment in over 2,027 groups “which led to the ad­mis­sion of undis­closed in­come of more than Rs 36,051 crore”.

“This is in ad­di­tion to the seizure of undis­closed as­sets worth Rs 2,890 crore,” it said.

Sim­i­larly be­tween April 1, 2014, to Fe­bru­ary 28 this year, the I-T De­part­ment con­ducted more than 15,000 sur­veys which led to “the de­tec­tion of undis­closed in­come of more than Rs 33,000 crore”.

High­light­ing the achieve­ments of the de­mon­eti­sa­tion pe­riod, the af­fi­davit said in about two months from Novem­ber 9 last year, “sig­nif­i­cantly large num­ber of en­force­ment ac­tions were un­der­taken by the I-T De­part­ment”.

“They in­cluded 1,100 searches and sur­veys and more than 5,100 ver­i­fi­ca­tions. The to­tal seizure through these ac­tions was of about Rs 610 crore, in­clud­ing cash of Rs 513 crore. The cash seizure in­cluded seizures in new cur­rency of more than Rs 110 crore. The to­tal undis­closed in­come ad­mit­ted was more than Rs 5,400 crore,” it said.

The Fi­nance Min­istry, which re­cently re­fused the de­mand to give more grace pe­riod for de­posit­ing the scrapped Rs 500 and Rs 1,000 notes, said the Min­istry of Home Af­fairs in its July 11 com­mu­ni­ca­tion has re­ported that as per in­tel­li­gence agen­cies, there were re­ports of largescale mis­use of the win­dow for exchange of the de­mon­e­tised cur­rency notes. “Seizure of cash dur­ing the month of Novem­ber and De­cem­ber 2016 was to the tune of Rs 147.9 crore and Rs 306.897 crore and seizure of gold for the month of Novem­ber and De­cem­ber 2016 was 69.1 kg and 234.267 kg, re­spec­tively,” it said.

It said that over 400 cases were re­ferred to the CBI and the En­force­ment Direc­torate (ED) after sev­eral in­stances of ma­nip­u­la­tion for con­ver­sion of un­ac­counted cash held in spec­i­fied bank notes into le­gal ten­der by var­i­ous en­ti­ties was de­tected dur­ing the in­ves­ti­ga­tion. PTI

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