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.
Mayawati on Tuesday asserted that the money detected by the Enforcement Directorate (ED) in her party’s account was entirely accounted for and was deposited following all due procedures.
In the latest in the series of revelations in the case of Surat-based financier Kishor Bhajiawala, the FIR registered with the CBI by the Surat Income Tax Department against him says that his family operated a total of 56 accounts in different banks.
Over Rs 3,300 crore of undisclosed income has been detected while Rs 92 crore worth new notes have been seized till now by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetisation drive.
It could have passed off as another rags to riches story of a tea and bhajiya seller from Gujarat making it big had it not been for demonetisation that stepped up Income Tax surveillance and a crackdown on ill-gotten money.
Ever since the government’s announcement of currency demonetisation on November 8, the Income Tax department has carried out a record number of searches across the country digging out enormous amount of ‘unaccounted wealth’.
the Income Tax department has expanded its scope of investigation beyond tax invasion by roping in the police, the CBI and the Enforcement Directorate (ED) to look for possible criminality and money laundering.
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