India
A few days ago, a similar search was conducted by the tax department in West Bengal’s Asansol that led to seizure of cash and bank deposits worth Rs12.57 crore. The persons involved admitted undisclosed income amounting to Rs150 crore.
Updated : Jan 20, 2011, 11:35 PM IST
In the largest ever cash haul by the income-tax department, Rs44.2 crore has been seized in the national capital. The search and seizure was conducted on January 18 and 19.
“The searches were conducted on three commodity traders in Delhi. They were found to be raising money from the public promising extraordinary high returns. Their area of operation was spread across Delhi, Punjab, Haryana, Rajasthan, Uttar Pradesh, Bihar, Maharashtra and Andhra Pradesh. They have admitted undisclosed income of Rs155 crore,” Central Bureau of Direct Taxes (CBDT) officials said.
A few days ago, a similar search was conducted by the tax department in West Bengal’s Asansol that led to seizure of cash and bank deposits worth Rs12.57 crore. The persons involved admitted undisclosed income amounting to Rs150 crore.
“The drive against tax evasions is an ongoing process. In the last couple of years, the income-tax department has detected unaccounted income to the tune of Rs15,000 crore, CBDT officials said.
CBDT chairman Sudhir Chandra has said the department will take tough action on tax evaders.