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Business News/ Politics / Policy/  Income Tax department initiates prosecution in 628 cases
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Income Tax department initiates prosecution in 628 cases

56 of these were for offences concerning undisclosed foreign income

The department said in this fiscal, it had conducted searches in 414 groups and seized undisclosed assets of `582 crore. Premium
The department said in this fiscal, it had conducted searches in 414 groups and seized undisclosed assets of `582 crore.

New Delhi: The income tax (I-T) department on Thursday said it has initiated prosecution in 628 cases upto 14 December 2014, as it shifts focus from revenue augmentation to pursuing prosecution against the offenders.

“In its crusade against black money and with a view to have credible deterrence against generation of black money, the government has shifted the focus to successfully prosecute the offenders in shortest possible time," the tax department said in a statement.

Of the 628 prosecutions initiated, 56 were for offences concerning undisclosed foreign income.

The government has been pursuing wilful defaulters under Section 276C of the Income Tax Act, 1961 where a defaulter can be imprisoned upto seven years and fined.

The department said in this fiscal, it had conducted searches in 414 groups and seized undisclosed assets of 582 crore.

“Undisclosed income of 6769 crore has been admitted by the tax payers during such searches. The undisclosed income detected as a result of further enquiries is however much more," the department said.

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Published: 12 Feb 2015, 10:33 PM IST
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