SECTION 132 OF THE INCOME – TAX ACT, 1961 – SEARCH AND SEIZURE – GENERAL – SEIZURE OF UNACCOUNTED CASH DURING SEARCH AND SEIZURE ACTIONS
PRESS NOTE, DATED 20-1-2011
In search & seizure actions conducted by the Income Tax department on 18th & 19th January 2011, unaccounted cash amounting to Rs 44.20 crore was seized. This is the largest ever cash haul by the Income Tax department.
The searches were conducted on three commodities traders in Delhi. These persons were found to be raising money from the public promising extraordinary high returns. The area of operation of these persons was Delhi, Punjab, Haryana, Rajasthan, UP, Bihar, Maharashtra, Andhra Pradesh, etc.
These persons altogether admitted undisclosed income of Rs 155 crore.
A few days ago, a similar search was conducted by the Income Tax department in Asansol in West Bengal. In that search also, cash and bank deposits amounting to Rs12.57 crore were seized and the persons involved had admitted undisclosed income amounting to Rs 150 crore.
The drive against tax evasion is an ongoing process. In the last couple of years, Income Tax department has detected unaccounted income to the tune of Rs 15,000 crores in its search & seizure operations. There have been several cases wherein unaccounted income of over Rs 100 crore was admitted and due taxes paid.