Indian Tax Solution

CBDT detects Rs 9,200 cr during searches


CBDT detects Rs 9,200 cr during

searches

New Delhi, Apr 12 (IBNS) During the financial year (FY) 2011-12, the

Investigation Directorates of the Central Board of Direct Taxes (CBDT) said it

conducted searches on 330 groups involved in different businesses / activities.

On the basis of assets, documents and other evidence unearthed during such

searches, undisclosed income exceeding Rs.9,200 crore was detected. Number of

search warrants executed in FY 2011-12 was 5,132 as against 4,852 warrants

executed in FY 2010-11.

Unaccounted assets of the value of Rs.880 crore (including cash amounting to

Rs.500 crore) were seized in FY 2011-12 as against assets of the value of Rs.775

crore (including cash amounting to Rs.440 crore) seized in FY 2010-11.

In the last three financial years (FY 2009-10, 2010-11 and 2011-12), undisclosed

income of Rs.28,040 crore has been detected by the Investigation Directorates of

the Central Board of Direct Taxes(CBDT).

Several searches were conducted on the basis of information received relating to

assets held abroad by tax residents of India.

Disclosure of details regarding assets held abroad is being made mandatory in

the income tax returns. Non-furnishing of such information in the income tax

returns, and its subsequent detection, will invariably lead to prosecution under

the Income Tax Act.

Searches are conducted under the Income Tax Act on the basis of credible

information regarding tax evasion after conducting necessary verification, said

an official statement on Thursday.

Information technology tools such as ITDMS have been developed and are being

extensively utilized to process and verify information before taking intrusive

action.

The Supreme Court of India, in a Civil Appeal, has observed that any bona fide

measures taken in public interest, and to provide public safety or to prevent

circulation of black money, cannot be objected as interference with the personal

liberty or freedom of a citizen.

Due to intrusive action, such as searches in residences or at airports, “certain

hardship and inconvenience is inevitable, and should be accepted with grace,

patience, and discipline” as it is for the citizen’s “own interest”, observed

the apex court.

Source

:http://www.indiablooms.com

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