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.
Due to intensive efforts undertaken by the Income-tax Department (ITD), provisional attachment has been made in more than 1600 cases of properties under the Benami Transactions (Prohibition) Act, 1988.
— Ministry of Finance (@FinMinIndia) July 31, 2018
Suitable action under the Benami Transactions (Prohibition) Act, 1988, inter alia, against the benamidars & beneficial owners has been taken by the Income-Tax Department (ITD). However, category wise details of the persons are not maintained by ITD.
— Ministry of Finance (@FinMinIndia) July 31, 2018
Unearthing of Black Money: The Income-tax Department (ITD) takes appropriate action against black money which is an on-going process: For full details, please Log on: https://t.co/8z735mMA6t
— Ministry of Finance (@FinMinIndia) July 31, 2018
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.