New Delhi: The I-T department had detected undisclosed income worth Rs 10,791.63 crore in search operations during the just concluded 2013-14 fiscal. It also found unreported income of Rs 90,390.71 crore in survey operations conducted during the same period across the country.
The action was conducted by the I-T department against individuals, business firms, corporates and other financial institutions to check tax evasion.
Meanwhile it had been recorded figure of Rs 1,01,181 crore after the end of both these operations, searches (where I-T sleuths raid both business and residential premises of an entity) and surveys (where department officials raid only business premises).
The corresponding cumulative figures for the 2012-13 fiscal (under both the heads) was Rs 29,628 crore, a figure less than half of the current recorded amount.
During the last fiscal (2013-14), the I-T also seized assets like jewellery, fixed deposits and cash worth Rs 807.84 crore as it executed 4,503 warrants and launched searches on 569 entities during this period.
The investigation wing of I-T department’ search wattents had upward trend in the last fiscal as during 2012-13 these warrants stood at 3,889.
A total of 5,327 surveys were conducted during the last fiscal as compared to 4,630 such operations during 2012-13 by the I-T department under section 133 of the Income Tax Act.
An amount of Rs 71,195 crore out of total disclosed income of Rs. 90,390.71 was affected from only one corporate group which is involved in the energy sector and is litigating the I-T demand at present while compiling the final figures of survey operations during 2013-14.
A senior I-T officer said, “The numbers of both search and survey operations have increased in the recently concluded fiscal as compared to the last time period and this is an indicator that the I-T department is vigilant to most of the instances of tax evasion in the country.”
The official also said that search and survey operations done by the I-T department are an essential tool to check tax evasion and collect revenue for the exchequer.
Bureau Report
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