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Karnataka
35% increase in I-T Dept recovery
Our Bureau
Bangalore
June 5
Confessions to undisclosed income by the income-tax assessees witnessed a 290 per cent jump during the fiscal 2006-07 in the State following searches and seizure operations conducted by the Directorate of Investigation, Karnataka & Goa.
The department unearthed undisclosed income of Rs 507.72 crore during the period against Rs 130.15 crore in the earlier year during the search and seizure operations by top officials of the Directorate.
According to an official press release, the searches and about 100 surveys at business premises led to the department recovering Rs 788.72 crore along with penal levies, an increase of 35 per cent over FY 2005-06 at Rs 590.86 crore, the release said
The operation was conducted by a team of 28 inspectors under the supervision of Additional Directors of Investigation and Assistant Directors of Investigation.
The searches also resulted in seizure of unaccounted assets to the tune of Rs 23.74 crore out of which cash seized was of the order of Rs 21.2 crore.
Among the defaulters were from the mining and iron ore export business, real estate, trading in marble and granite trade, educational institutions and professionals such as film stars, the release said.
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