Undisclosed income of Rs 71,941 cr found in 3 yrs: Govt to SC
By Team Legistify / 2017-07-25

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Massive searches, seizures and surveys by the Income Tax (IT) department over the last three years have led to the detection of around Rs 71,941 crore of “undisclosed income”, the Centre has told the Supreme Court.

During the period of demonetisation from November 9 last year to January 10 this year, “The total undisclosed income admitted was more than Rs 5,400 crore” and the total quantity of gold seized stood at 303.367 kgs, the Finance Ministry has said in an affidavit to the apex court.

It gave the details of the unaccounted income for three years from April 1, 2014 to February 28 this year, including the demonetisation period.

The affidavit said that during the three year period, searches were undertaken by the IT department in over 2,027 groups “which led to the admission of undisclosed income of more than Rs 36,051 crore”.

“This is in addition to the seizure of undisclosed assets worth Rs 2,890 crore,” it said.

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