I-T recovers Rs.4,172 crore undisclosed income

Income Tax department has detected undisclosed income worth over 4,172 crore rupees, while new notes worth 105 crore rupees have been seized as part of its country-wide operations against black money after demonetisation. Official sources said in New Delhi that the tax men carried out a total of 983 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8. 

The department has issued 5,027 notices to various entities on



charges of tax evasion and hawala-like dealings. The department has seized cash and jewellery worth over 549 crore rupees during the same period even as the new currency seized, majority of them 2000 rupee notes, is valued at about 105 crore rupees.

The agency has also referred a total of 477 cases to other agencies like the CBI and the Enforcement Directorate (ED) to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.