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CBDT Sleuths Bust Rs. 4300 Cr Black Money & Benami Transactions Scam

The Ministry of Finance has announced that due to intensive efforts undertaken by the Income-tax Department, provisional attachment has been made in more than 1600 cases of properties under the Benami Transactions (Prohibition) Act, 1988. The value of properties under attachment is more than Rs. 4,300 crore. Details are also given of the prosecution proceedings initiated by the Income-tax Department.

Ministry of Finance

Unearthing of Benami Properties worth Rs. 4,300 crore

Due to intensive efforts undertaken by the Income-tax Department, provisional attachment has been made in more than 1600 cases of properties under the Benami Transactions (Prohibition) Act, 1988. These include plots of land, flats, shops, vehicles, deposits in bank accounts, fixed deposits etc. The value of properties under attachment is more than Rs. 4,300 crore including immovable properties of more than Rs. 3400 crore.

Suitable action under the Benami Transactions (Prohibition) Act, 1988, inter alia, against the benamidars and the beneficial owners has been taken by the Income-tax Department. However, it may be mentioned here that category wise details of the persons are not maintained by the Income-tax Department.

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha.

Ministry of Finance

Unearthing of Black Money

The Income-tax Department (ITD) takes appropriate action against black money which is an on-going process. Such action under the Direct Tax laws includes searches, surveys, enquiries, assessment of income, levy of penalties and filing of prosecution complaints before criminal courts, wherever applicable.

Moreover, recognizing the limitations of the Income-tax Act, 1961 etc. in dealing with black money stashed abroad, the Government of India enacted a comprehensive and a more stringent new law namely ‘The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015’ that has come into force w.e.f. 01.07.2015. It provides for separate taxation of undisclosed foreign income and assets. Most importantly, apart from providing more stringent provisions for penalty and prosecution, for the first time, this law has included the offence of wilful attempt to evade tax etc. in relation to undisclosed foreign income/assets as a Scheduled Offence under the Prevention of Money-laundering Act, 2002 (PMLA).

The details of prosecution proceedings initiated by the ITD under the relevant provisions of the Income Tax Act, 1961, during the last three F.Y.s are as under:-

Financial Year

No. of cases in which prosecution complaints filed

Cases compounded

No. of persons convicted

1

2

4

5

2015-16

552

1019

28

2016-17

1252

1208

16

2017-18

4527

1621

68

The details of search & seizure and surveys conducted by the Income Tax Department in the last three F.Y.s are as under:

Search and seizure:

Financial Year

Number of groups searched

Total assets seized (In Rs. crore)

Undisclosed income admitted u/s 132(4) of the Income-tax Act, 1961 [in Rs. crore]

2015-16

447

712.32

11226

2016-17

1152

1469.62

15497

2017-18*

581

997.17

15755

*Figures are provisional

Surveys:

Financial Year

No. of surveys conducted

Undisclosed income detected (in Rs. crore)

2015-16

4428

9700

2016-17

12520

13690

2017-18

13547

9638

This was stated by Shri Shiv Pratap Shukla, Minister of State for Finance in written reply to a question in Rajya Sabha.


One comment on “CBDT Sleuths Bust Rs. 4300 Cr Black Money & Benami Transactions Scam
  1. Shashikant G Parasramka says:

    Some of the indicted properties are on false charges and they can’t see reason that if monther and father have purchased properties for the son’s benefit and through proved sources of funds, and even if thereafter indictment is made could be said to be high handedness of the department and its officers who do not have the wisdom now but would dawn on them after retirement.

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