The I-T Directorate has seized Rs 34.6 crore cash, of which Rs 22.3 crore was in new currency notes.

I-T raids in Ktaka Goa reveal Rs 1414 cr undisclosed income since Nov 8
news Demonetisation Wednesday, December 28, 2016 - 09:16

Ever since the demonetisation of Rs 500 and Rs 1,000 notes, the Income Tax Department has been on a drive to detect unaccounted income.

The Directorate of Income Tax (Investigation) of Karnataka and Goa have so far detected undisclosed income by tax defaulters to the tune of Rs 1,414.26 crore, which is said to be the highest detection of undisclosed income in the country since November 8, the Deccan Chronicle reported. 

The taxman has, until December 28, conducted 44 search operations against hoarders of black money, which is the second highest in the country after Chennai, the report states.
Including last week' crackdown on jewellers, real estate developers and mall owners, the I-T Directorate has seized Rs 34.6 crore cash, of which Rs 22.3 crore was in new currency notes, the report says.

Last week's operation against real estate groups and mall owners, which began on December 23 and ended on Monday, revealed undisclosed income of Rs 69 crore, out of which Rs 14 crore as detected from real estate groups alone, it adds.

The real estate groups were providing and receiving accommodation entries to reduce their taxable income. In case of the mall owners, the I-T sleuths found undisclosed income of Rs 26 crore. These owners had not accounted the cash sales and investments made in gold and jewellery, the DC report states.

According to the Central Board of Direct Taxes data, dated December 16, there were 291 searches and 295 survey operations carried out by the Income Tax Department across the country. These investigations revelaed that around Rs 2,600 crore of undisclosed income was admitted by tax defaulters, the report adds.


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