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Income Tax department detects Rs 4,172 crore undisclosed income, seizes new note worth Rs 105 crore

Over Rs 4,172 crore of un-disclosed income has been detected while new notes worth Rs 105 crore have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post the demonetization of two high value currencies by the government.

Official sources said the tax man carried out a total of 983 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8, even as the department has issued 5,027 notices to various entities on charges of tax evasion and hawala-like dealings. The department, they said, has seized cash and jewellery worth over Rs 549 crore during the same period even as the new currency seized (majority of them Rs 2000 notes) is valued at about Rs 105 crore.

The total cash seizure, out of the total cash and jewellery, is Rs 458 crore, they added. “The total undisclosed income admitted or detected as part of this action, till December 28, is more than Rs 4,172 crore,” they said.

The agency has also referred a total of 477 cases to other 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.