Undisclosed Income of over Rs 9200 Crores Detected by CBDT in 2011-12
THE CBDT in a Press Release says,
During the financial year (FY) 2011-12, the Investigation Directorates of the Central Board of Direct Taxes (CBDT) 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.