I-T seizes Rs 48 cr worth undisclosed assets in Karnataka, Goa

December 28, 2016 21:48

Undisclosed assets worth Rs 48 crore, including Rs 22 crores in new currency notes, had been unearthed during searches conducted by the Income Tax department in Karnataka and Goa since the Centre announced demonetisation of high-value notes, a top official said today.

"We have seized an undisclosed amount of Rs 34 crore in cash and Rs 14 crore in bullion, and out of which Rs 22 crore were in new currency notes, post-demonetisation,"

Principal Chief Commissioner of I-T, Karnataka-Goa, Nutan Wodeyar told reporters.

Giving figures of seizures made by I-T this year so far, Wodeyar said the department conducted 48 searches and seized Rs 116 crores worth undisclosed assets compared to Rs 27 crores during the corresponding period in the previous year.

"Compared to 14 searches conducted last year, this year 48 searches were made," she said.

The department also conducted 36 surveys as of today compared to 38 last year and found a concealment amount of Rs 393 crore compared to Rs 140 crores during last year.

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