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Rs 71,941 Crore Undisclosed Income Detected In 3 Years: Centre To SC

न्यूज़ वर्ल्ड इंडिया | 0
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| July 23 , 2017 , 11:35 IST

Due to massive searches, seizures, and surveys conducted by the Income Tax (IT) department over the past 3 years, around Rs 71,843 crore of 'undisclosed income' has been detected, the central government told the Supreme Court.

Between April 1, 2014, to February 28 of this year itself, the IT department conducted more than 15,000 surveys which led to "the detection of undisclosed income of more than Rs 33,000 crore".

According to the affidavit presented by the Finance ministry to the apex court, during the period of demonetisation from November 9, 2016, to January 10, 2017, "The total undisclosed income admitted was more than Rs 5,400 crore."

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In addition, the total quantity of gold seized was 303.367 kgs.

The affidavit said that during the three year period, searches were undertaken by the IT 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.

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 IT Department".

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"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.

"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," said the report.