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7
December 2016
The Income Tax Department has carried
out investigations into over 400 cases post-demonetisation seizing as much as
Rs 130 crore in cash and jewellery, an official statement said on Tuesday. The Total Investment & Insurance
Solutions
"The Income Tax Department has carried-out
swift investigations in more than 400 cases since the demonetisation of old
high denomination currency announced by the government on November 8, 2016.
"More than Rs 130 crore in cash and
jewellery has been seized and approximately Rs 2,000 crore of undisclosed
income has been admitted by the taxpayers," said the Finance Ministry
statement. The Total Investment &
Insurance Solutions
Detecting serious irregularities beyond
the Income Tax Act, the Central Board of Direct Taxes (CBDT) decided to refer
such cases to the Enforcement Directorate (ED) and the Central Bureau of
Investigation, enabling them to examine the criminal conduct for immediate
necessary action, it said.
More than 30 such references have
already been made to the ED, and are being sent to the CBI, it addded.
The cases referred from the Delhi unit
include the Axis Bank, Kashmere Gate in which complicity of officers of the
bank in the malpractices was detected, the statement said. The Total Investment & Insurance
Solutions
"The concerted and coordinated
enforcement action of the Income Tax Department, ED and CBI in detecting the
malpractices and taking swift action is going to continue in the coming
days," it said.The Total
Investment & Insurance Solutions
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