Cash seizures by tax authorities during searches on evaders nearly doubled to Rs 400 crore in 2008-09 fiscal, while the size of total assets impounded grew by half to Rs 625 crore, says an official report. The department conducted searches on 429 groups, mostly real estate companies, across the country during 2008-09.

The tax department also found undisclosed income of Rs 4,613.06 crore during the fiscal, a growth of 10.88 per cent, a report of the Central Board of Direct Taxes (CBDT) said.

The highest number of searches conducted pertained to real estate sector, followed by manufacturing and gems and jewellery sectors.

According to the report, searches on the educational sector saw a growth of 80 per cent with 18 search operations during 2008-09 compared to ten such cases during 2007-08.

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Category : Income Tax (28050)
Type : News (13854)
Tags : tax authorities (33)

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