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Business News/ News / India/  I-T Dept issues notices in 380 cases of undisclosed foreign assets of 12k cr
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I-T Dept issues notices in 380 cases of undisclosed foreign assets of ₹12k cr

In a written reply to a question in the Lok Sabha, FM Nirmala Sitharaman said prosecution has been launched in 68 cases
  • As per data, the Department has conducted searches on 983 groups and seized ₹1,584 crore in 2018-19, up from 582 cases involving seizure amount of ₹993 crore in 2017-18 fiscal
  • (Photo: AFP)Premium
    (Photo: AFP)

    New Delhi: The Income Tax Department has issued notices in 380 cases involving undisclosed assets of over 12,260 crore under the foreign black money act, Finance Minister Nirmala Sitharaman said Monday.

    In a written reply to a question in the Lok Sabha, she said prosecution has been launched in 68 cases.

    "As an outcome of the actions taken by the I-T Department under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, as on April 30, 2019, notices under the Act have been issued in over 380 cases involving undisclosed foreign assets and income valued over 12,260 crore," Sitharaman said.

    The Department takes actions, like searches, surveys, enquiries, assessment of income, levy of tax/interest/penalty and launching prosecution, against those possessing black money.

    As per data, the Department has conducted searches on 983 groups and seized 1,584 crore in 2018-19, up from 582 cases involving seizure amount of 993 crore in 2017-18 fiscal.

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    This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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    Published: 24 Jun 2019, 08:12 PM IST
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