In a massive crackdown on black money hoarders across the country, the Income Tax Department has detected over Rs 4,663 crore of undisclosed income post the demonetisation of two high-value currencies by the government.
“The department has also seized Rs 562 crore, including Rs 110 crore worth new notes, during the raids,” news agency ANI said while quoting the I-T sources.
According to the ANI report, since November 8, the I-T department has carried out 253 searches, 556 surveys and 289 seizures and enquiry operations while it has issued over 5,062 notices to various entities on charges of tax evasion and hawala-like dealings.
Last month, the tax department had claimed to have detected over Rs 3,300 crore of undisclosed income while it had seized new notes worth Rs 92 crore.
Till December 21, the I-T department had reportedly carried out a total of 734 searches, survey and enquiry operations under the provisions of the Income Tax Act, even as the department had issued over 3,200 notices to various entities on charges of tax evasions and hawala-like dealings.
The department had, by then, also seized cash and jewellery worth Rs 500 crore and had also referred over 220 cases to its sister agencies like the CBI and the Enforcement Directorate (ED) to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.
