I-T dept seizes Rs 3512 cr in concealed assets in 05-06

New Delhi, Dec 19 (UNI) The Income-Tax department seized Rs 3,512.69 crore of concealed assets during searches carried out while surveys led to the detection of tax evasion of Rs 2,324.57 crore during 2005-06, Minister of State for Finance S S Palanimanickam said in the Rajya Sabha today.

"Further, enquiries in cases involving large cash withdrawals from banks, under the Banking Cash Transaction Tax (BCTT) have led to detection of unaccounted income," the Minister said, in a written reply, to a question on checking black money generation.

He noted that there were several underlying causes of black money generation, some of which are exogenous to the direct tax laws for combating tax evasion.

However, the I-T department takes several punitive and deterrent steps to control black money generation and combat tax evasion such as scrutiny of returns, surveys, search and seizure action, imposition of penalty and launching of prosecution in appropriate cases, he added.

Regarding media reports about bank accounts maintained by Indians in Swiss banks, he said, "whenever any specific information regarding violation of law comes to the notice of the Government, appropriate action is taken." UNI SD VD HT1530