Rs 1,414 crore unaccounted wealth unearthed in Karnataka, Goa

Bengaluru: The relentless drive to detect unaccounted wealth and income by the Directorate of Income Tax (Investigation), Karnataka and Goa has so far resulted in the disclosure of Rs 1,414.26 crore of undisclosed income by the tax defaulters, which is said to be the highest detection of undisclosed income in the country since the demonetisation of higher currency notes on November 8.

The Directorate has till December 28 conducted 44 search and survey operations, which is said to be the second highest in the country after Chennai; against alleged hoarders of undisclosed wealth and income.

“Including the last weekend’s operations against seven jewelers, two groups of real estate developers and mall owners the I-T Directorate, Karnataka and Goa has conducted 44 search and seizure operations since November 8 leading to the seizure of Rs 34.6 crore of unaccounted money out of which Rs 22.3 crore was in new currency notes.

The searches also led to the disclosure of total undisclosed income of Rs 1,414 crore from the raided individuals and groups, which is till date the highest detection of undisclosed income in the country since November 8,” said an official source.

Last weekend’s operations against real estate groups and mall owners, which started on December 23 and ended on Monday led to unearthing of undisclosed income of Rs 169 crore out of which Rs 143 crore was detected from the real estate groups.

“In the case of real estate groups the tax officials found that they were providing and receiving accommodation entries to reduce taxable income. The undisclosed income from these groups was Rs 143 crore. In the case of mall owners it was found that they had not disclosed income of Rs 26 crore and had not accounted for the sale component, which they had received in cash. They had also made unaccounted investments in gold and jewellery,” the officer added.

According to the national data available with the Central Board of Direct Taxes, Ministry of Finance dated December 16, there were 291 searches and 295 survey operations, which were carried out by the Income Tax Department across the country. “As a result of these investigations, approximately Rs 2,600 crore of undisclosed income was admitted by the tax defaulters,” stated the CBDT note.