The Income Tax Department (ITD) has conducted searches in 414 groups and seized undisclosed assets worth Rs. 582 crore during fiscal 2014-15 (upto December 2014).
Undisclosed income of Rs. 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, an official statement of the department said.
Besides, 1174 surveys conducted upto November, 2014 led to detection of undisclosed income of Rs. 4673 crore.
The focus of investigations has 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 seven 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.
