New Delhi, July 23: The central government has informed the Supreme Court nearly Rs 71,941 crore of undisclosed income has been recovered in last 3 years after the Income Tax (IT) department conducted searches, seizures and surveys.
According to PTI, in an affidavit to the apex court, the finance ministry said since the day after higher denomination notes were demonetised till January this year, the total unaccounted income admitted was over Rs 5,400 crore. It stated, “The total undisclosed income admitted was more than Rs 5,400 crore and and the total quantity of gold recovered stood at 303.367 kgs.”
It also included the details of the unaccounted income of last three year to February 2017.
As per the affidavit, IT department carried out searches at over 2,027 groups which led to the admission of black money of more than Rs 36,051 crore, in addition to the seizure of unaccounted assets worth Rs 2,890 crore.
Since April 1, 2014, to February 28 this year, the IT department carried out above 15,000 surveys which led to the detection of undisclosed income of more than Rs 33,000 crore.
“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 the new currency of more than Rs 110 crore. The total undisclosed income admitted was more than Rs 5,400 crore,” it stated.
Post demenotisation, in between November and December seizure of cash was to the tune of Rs 147.9 crore and Rs 306.897 crore and the total quantity of gold recovered was 69.1 kg and 234.267 kg respectively, affidavit asserted.