I- T raids realise 9,200cr in FY12 `

In a crackdown against black money, the Central Board of Direct Taxes conducted searches on 330 groups and detected undisclosed income of ` 9,200 crore in 2011- 12.

The Investigation Directorates of the CBDT conducted searches on groups involved in different businesses or activities.

The number of search warrants executed in 201112 was 5,132 as against 4,852 in FY 2010- 11.

Unaccounted assets of the value of ` 880 crore ( including cash amounting to ` 500 crore) were seized in FY 2011- 12 as against those worth ` 775 crore ( including cash amounting to ` 440 crore) seized in FY 2010- 11.

In the last three financial years ( FY 2009- 10, 2010- 11 and 2011- 12), undisclosed income of ` 28,040 crore has been detected by the CBDT.

Several searches were conducted on the basis of information received relating to assets held abroad by tax residents of India.

Disclosure of details regarding assets held abroad is being made mandatory in income tax returns. Non- furnishing of such data, and its subsequent detection, will invariably lead to prosecution under the Income Tax Act.

“Searches are conducted under the Income Tax Act on the basis of credible information regarding tax evasion after conducting necessary verification. Information technology tools such as ITDMS have been developed and are being extensively utilised to process and verify information before taking intrusive action,” said a finance ministry statement.

Earlier this week, the Central Board of Excise and Customs had said that it had detected excise and service tax evasion of over ` 13,620 crore in the 11month period till February. The excise evasion was ` 3,333 crore and service tax was ` 10,286 crore.