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The Income-Tax department has detected undisclosed income of over ₹5,343 crore and seized ₹114 crore of new notes which were allegedly procured illegally in its nation-wide operation against black money hoarders post demonetisation.
Official sources said the taxman, exactly after two months after demonetisation was announced, has carried out a total of 1,156 search, survey and enquiry operations under the provisions of the I-T 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.
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