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IT dept detects tax evasion of Rs 3,400 cr in FY07

IT dept detects tax evasion of Rs 3,400 cr in FY07
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First Published: Fri, Apr 13 2007. 08 28 PM IST
Updated: Fri, Apr 13 2007. 08 28 PM IST
PTI
New Delhi: In its ongoing drive against tax evasion, the Income Tax department has detected tax evasion of Rs3,400 crore and has seized undisclosed assets worth about Rs365 crore in searches carried out during fiscal 2006-07.
The searches were conducted across the country, including at Ahmedabad, Bangalore, Chennai, Delhi, Firozabad (UP), Hyderabad, Jaipur, Kolkata and Mumbai, an income tax official said here today.
He said the searches covered various segments of trade, commerce and industry including real estate developers, service providers, educational institutions, civil contracts and performing artistes.
He said in four cases, the income tax dept has detected about Rs 100 crore concealment of income. But of the 416 groups searched, detection of concealment exceeded Rs 5 crore each in the case of 119 groups and in case of 31 groups the tax evasion was over Rs 20 crore each.
Based on the information gathered from Banking Cash Transaction Tax (BCTT), the department has detected concealment of over Rs 175 crore in surveys and searches while suspected transactions of Rs 2,000 crore are under further investigation, the official said.
During 2007-08, he said the IT department will scrutinise about 60,000 cases based on information available from the Annual Information Returns (AIR).
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First Published: Fri, Apr 13 2007. 08 28 PM IST
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