IT Directorate unearths over Rs 500 cr undisclosed income

Bangalore, June 5 (UNI) The Income Tax Investigation Directorate, Karnataka and Goa, has unearthed undisclosed income amounting to Rs 507.72 crore during 2006-07, up by 290 per cent over the previous fiscal.

The Directorate, in a release here, said personnel of the Directorate had carried out 37 operations and seized unaccounted assets to the tune of Rs 23.74 crore, including Rs 21.2 crore in cash. Those who have admitted the possession of undisclosed income include iron ore miners and exporters, real estate developers, marble and granite traders, heads of educational institutions and film artists.

The post hunt related to concluding investigations and assessment was carried out by the Central Commissionerate under the Director General of Income Tax (Investigation). The taxes collected by the Central Commissionerate during 2006-07 amounted to Rs 788.72 crore as against Rs 590.86 crore in the previous year, registering an increase of 33.5 per cent.

UNI