Income Tax detects Rs 4,807 crore black income; seizes Rs 112 crore new notes

Over Rs 4,807 crore of undisclosed income has been detected while Rs 112 crore worth new notes have been seized by the Income Tax department as part of its country-wide operations against black money hoarders post demonetisation.

Official sources said the taxman carried out a total of 1,138 search, survey and enquiry operations under the provisions of the Income Tax Act since the note ban was declared on November 8 last year, even as the department has issued 5,184 notices to various entities on charges of tax evasion and hawala-like dealings.

The department, they said, has seized cash and jewellery worth over Rs 609.39 crore during the same period even as the new currency seized (majorly Rs 2000 notes) is valued at about Rs 112.8 crore.

The value of the seized jewellery in this is Rs 97.8 crore.

"The total undisclosed income admitted or detected as part of this action, till January 5, is Rs 4,807.45 crore," they said.

The agency has also referred a total of 526 cases to its sister agencies like the CBI and the Enforcement Directorate (ED) to probe other financial crimes like money laundering, disproportionate assets and corruption as part of their legal mandate.