The Income Tax Department has seized Rs 70 lakh in cash, with Rs 43 lakh in new currency, and unearthed Rs 10.3 crore undisclosed income after it conducted searches on a financier based here, as part of its raids against black money hoarders in the wake of demonetisation.
Interestingly, the financier had never filed an Income Tax Return (ITR) and was not an assessee till now but after the I-T action he admitted to having “undisclosed income of Rs 10.3 crore”, official sources said.
“The searches also led to the seizure of Rs 70 lakh cash in total from his premises with Rs 43 lakh being in new currency,” they said.The department did not disclose the identity of the man as they said investigations in the case are still ongoing.
They added that the financier allegedly made black money by purchasing gold at Rs 48,000 per 10 grams on the night of November 8 when the note ban was announced by Prime Minister Narendra Modi.The market rate for gold per 10 gram, that night, was about Rs 32,000.
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“Though he is not assessed to tax, his annual net income has been about Rs 2 crore for some years now. Two of his lockers will be opened soon,” they added.