I-T seizes Rs 48 cr worth undisclosed assets in Karnataka, Goa post demonetization

Undisclosed assets worth Rs 48 crore, including Rs 22 crores in new currency notes, had been unearthed during searches conducted by the Income Tax department in Karnataka and Goa since the Centre announced demonetization of high-value notes, a top official said on Wednesday.

"We have seized an undisclosed amount of Rs 34 crores in cash and Rs 14 crores in bullion, and out of which Rs 22 crores were in new currency notes, post-demonetization," Principal Chief Commissioner of I-T, Karnataka-Goa, Nutan Wodeyar told reporters in Bengaluru.

Giving figures of seizures made by I-T this year so far, Wodeyar said the department conducted 48 searches and seized Rs 116 crores worth undisclosed assets compared to Rs 27 crores during the corresponding period in the previous year. "Compared to 14 searches conducted last year, this year 48 searches were made," she said.

The department also conducted 36 surveys as of Wednesday compared to 38 last year and found a concealment amount of Rs 393 crores compared to Rs 140 crores during last year.

Replying to a query, Wodeyar said the department so far this year had initiated 15 prosecutions and expect the numbers to go up. She, however, declined to reveal the names of those facing prosecution.