1. Narendra Modi government detects whopping Rs 71,941 crore of undisclosed income in last 3 years

Narendra Modi government detects whopping Rs 71,941 crore of undisclosed income in last 3 years

Massive searches, seizures and surveys by the Income Tax (IT) department over the last three years have led to the detection of around Rs 71,941 crore of "undisclosed income", the Centre has told the Supreme Court

By: | New Delhi | Published: July 23, 2017 10:31 AM
narendra modi, narendra modi government, modi government, income tax department, IT department The affidavit said that during the three year period, searches were undertaken by the IT department in over 2,027 groups “which led to the admission of undisclosed income of more than Rs 36,051 crore”. (Reuters)

Massive searches, seizures and surveys by the Income Tax (IT) department over the last three years have led to the detection of around Rs 71,941 crore of “undisclosed income”, the Centre has told the Supreme Court. During the period of demonetisation from November 9 last year to January 10 this year, “The total undisclosed income admitted was more than Rs 5,400 crore” and the total quantity of gold seized stood at 303.367 kgs, the Finance Ministry has said in an affidavit to the apex court.

It gave the details of the unaccounted income for three years from April 1, 2014 to February 28 this year, including the demonetisation period.

The affidavit said that during the three year period, searches were undertaken by the IT department in over 2,027 groups “which led to the admission of undisclosed income of more than Rs 36,051 crore”. “This is in addition to the seizure of undisclosed assets worth Rs 2,890 crore,” it said.

Similarly between April 1, 2014 to February 28 this year, the IT department conducted more than 15,000 surveys which led to “the detection of undisclosed income of more than Rs 33,000 crore”. Highlighting the achievements of the demonetisation period, the affidavit said in about two months from November 9 last year, “significantly large number of enforcement actions were undertaken by the IT Department”.

“They included 1,100 searches and surveys and more than 5,100 verifications. The total seizure through these actions was of about Rs 610 crore, including cash of Rs 513 crore. The cash seizure included seizures in new currency of more than Rs 110 crore. The total undisclosed income admitted was more than Rs 5,400 crore,” it said.

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The Finance Ministry, which recently refused the demand to give more grace period for depositing the scrapped Rs 500 and Rs 1,000 notes, said the Ministry of Home Affairs in its July 11 communication has reported that as per intelligence agencies, there were reports of largescale misuse of the window for exchange of the demonetised currency notes.

“Seizure of cash during the month of November and December 2016 was to the tune of Rs 147.9 crore and Rs 306.897 crore and seizure of gold for the month of November and December 2016 was 69.1 kg and 234.267 kg respectively,” it said.

It said that over 400 cases were referred to the CBI and the Enforcement Directorate (ED) after several instances of manipulation for conversion of unaccounted cash held in specified bank notes into legal tender by various entities was detected during the investigation.

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  1. Subodh Ramanujan
    Jul 24, 2017 at 2:42 pm
    Good one
    Reply
    1. V
      Venkatesh Murthy
      Jul 23, 2017 at 10:19 pm
      Ensure it is spent for public welfare. It should not be like transfer from one pocket to another
      Reply
      1. K
        K. Murugan
        Jul 23, 2017 at 8:09 pm
        Mere seizures was not enough. The defaulters should be punished and their property must be seized.
        Reply
        1. N
          Nagesh Kini
          Jul 23, 2017 at 6:41 pm
          Khudos to the Modi Government for unearthing such a huge sum of undisclosed assets both in cash and other assets. This should be warning signal for the the general public as well as unscrupulous elements not to indulge in amassing illegal assets or else face the consequences. It is the high time for the government to make sure to have the full fledged tribunal and appalet authority for quick disposal of the cases within 6-9 months time as the proverb " Justice delayed is Justice denied ".
          Reply
          1. A
            Anonymous
            Jul 23, 2017 at 5:57 pm
            Ok detected n thn wat?? The economy has hit all tym low.. Std of living is going high and the jobs r decreasing wit less opportunity n bad ry.. People who r rich r rich n the middle class people r suffering.. Still there is black money circulating in real estate n as usual the government people hav not stopped taking bribes nw thy need new notes..
            Reply
            1. N
              Nishanth
              Jul 23, 2017 at 5:12 pm
              Govt. lost 3,00,000 cr revenue by demonetisation....cover up by bundling 3 yrs of IT seizure... mon citizen gets burnt..whom r they fooling?????
              Reply
              1. Mahesh Tyagi
                Jul 23, 2017 at 2:03 pm
                This is called achhe din
                Reply
                1. Mahesh Tyagi
                  Jul 23, 2017 at 1:52 pm
                  This is called ache din
                  Reply
                  1. L
                    l k
                    Jul 23, 2017 at 11:48 am
                    Some among the guilty will be doctors, lawyers, shopkeepers, government employees, hotels and restaurants, landlords, politicians.
                    Reply
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