Value of Assets Seized in Searches Conducted by Income Tax Department Stood at Rs. 905.61 Crore in 2011-12
The Government has received a number of cases of information relating to remittances, payments and money held in foreign bank accounts etc. under the provisions of the DTAAs/TIEAs. Every reliable information, including information received from outside the country, is verified according to the provision of Direct Tax laws and action is taken to bring undisclosed amounts to taxation. Penalties are levied in cases of concealment. In appropriate cases, prosecution proceedings are initiated.
No scheme is presently under consideration of the Government. However, the Income Tax Department takes constant action against tax evasion including tax scrutiny, surveys, search and seizure under the Direct Tax laws.
The value of assets seized in searches conducted by the Income Tax Department in the last two financial years are as follows:
Financial Year Value of Assets Seized (Rs. Crores)
This information was given by the Minister of State for Finance, Shri S.S. Palanimanickam in written reply to a question in Rajya Sabha today.