Central Board of Direct Taxes (CBDT) has referred 30 cases of serious irregularities to ED, CBI
Almost a month after demonetization of old high value bank bills came into force , the Finance ministry said that around Rs 2,000 crore of unaccounted income was disclosed in a "swift" investigation carried out by the Income-Tax (I-T) department.
A statement issued by the ministry on Tuesday said that in the over 400 cases probed by the I-T department for disproportionate assets, taxmen unearthed Rs 130 crore in cash and jewellery since November 8, when the use of old Rs 500 and Rs 1,000 currency notes was banned.
The Central Board of Direct Taxes (CBDT) also found that in over 30 cases there were serious irregularities that were beyond the purview of the I-T Act, and so were referred to the Enforcement Directorate (ED) and Central Bureau of Investigation (CBI) for further investigations.
The maximum number of cases referred to ED is from Bengaluru Investigation Unit of I-T department. From Mumbai, a case relating to the confiscation of Rs 80 lakh of banned notes was passed on to it.
Other cases that have landed with the higher investigating authorities are two cases of seizures of $14000 and Rs 72 lakh in cash from Ludhiana, a case of nabbing Rs 95 lakh cash from five persons travelling in a Tata Indica from Hyderabad and others.
"Two cases referred by the Bhopal unit are of jewellers against whom evidence of large scale pre-dating of bills and flouting of PAN reporting norms were detected during searches conducted. The cases referred from the Delhi unit include the Axis Bank, Kashmiri Gate in which complicity of officers of the bank in the malpractices was detected," said the government statement.
The government said these probes by the I-T department, ED and CBI would be continuing in future too.
A tax expert, who spoke on condition anonymity, said the amount that has come to fore was a pittance considering the huge exercise undertaken by the government.
He said the government had somewhere miscalculated the amount of black money in the economy.
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