Government of India

Ministry of Finance

Department of Revenue

Central Board of Direct Taxes

New Delhi, 07th November, 2019

PRESS RELEASE

Income Tax Department makes high cash seizure in Pune Income Tax Department conducted a search in the case of a businessman in Pune on 04/11/2019 and made a high cash seizure. The search was conducted at the residence of the businessman.

Intelligence information was received on 04/11/2019 that the businessman was in possession of large amount of cash at his residence and that this cash was likely to be moved within short span of time. In a swift action, some preliminary discreet enquiries were made to ascertain the availability of cash and a single warrant was executed to search the residence of the individual, along with survey u/s 133A at his business premises. The assessee is in the business of construction subcontracting and real estate activities. During the search, unaccounted cash amounting to ₹ 9.55 crore was found and seized. This is the highest cash seizure in Pune by the Income Tax Department till date. Investigations in the case are still under progress.

(Surabhi Ahluwalia)

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT.

Cash seizure uncovers unaccounted funds after search and survey under section 133A, prompting ongoing tax investigation. Search and seizure operation executed at a businessman's residence and a concurrent survey under section 133A at his business premises following intelligence of large cash holdings; the individual, engaged in construction subcontracting and real estate activities, was found to possess unaccounted cash which was seized, and investigations are ongoing.