TaxTMI 
TaxTMI 
Shift in the Focus of the Income Tax Department (ITD) from Civil Consequences to Criminal Consequences in Serious Cases of Tax Evasion;
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....hift in the Focus of the Income Tax Department (ITD) from Civil Consequences to Criminal Consequences in Serious Cases of Tax Evasion; <br>News and Press Release<br>Dated:- 12-2-2015<br><BR>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 Duri....
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....ng 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 dete....
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....ction 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. W....
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....ilful 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.<BR> News - Press release - PIB....