During 2014-15 (upto Dec, 2014) the ITD Has Conducted Searches in 414 Groups, Seized Undisclosed Assets of ₹ 582 Crore;
Undisclosed Income of ₹ 6769 Crore has been Admitted by the Tax Payers

During 2014-15 (upto Dec, 2014) the Income Tax Department (ITD) has 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.

 Besides, 1174 surveys conducted upto November, 2014 led to detection of undisclosed income of ₹ 4673 crore.

 Focus of investigation in the Income Tax Department (ITD) had so far been on civil consequences i.e. revenue augmentation.

 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.

 Wilful attempt to evade tax is a serious offence punishable under Section 276C of the Income Tax Act, 1961 with imprisonment upto 7 years and fine.

 During the current year 628 prosecution complaints have been filed upto December, 2014 56 of such prosecution complaints relate to offences concerning undisclosed foreign income.

Willful tax evasion criminalisation spurred by intensified searches and prosecutions to deter undisclosed income and black money. Enforcement focus has shifted from civil revenue augmentation to criminal prosecution for serious tax evasion, emphasising prompt filing of prosecution complaints where conduct constitutes a willful attempt to evade tax under Section 276C. Intensive search, seizure and survey operations yielded substantial detections of undisclosed income and seized assets, with further enquiries revealing additional undisclosed income; prosecution complaints, including cases involving undisclosed foreign income, have been filed to strengthen deterrence.