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I-T dept detects undisclosed wealth cases
March, 21st 2007

Surveys carried out by the Income Tax department here, have detected undisclosed income to the tune of Rs 17 crore, fetching a tax income of Rs five crore.

This substantial additional income, with focus areas of business such as real estate, manufacturing and windmill activities, was not so far disclosed to the department for tax purposes, a release from the office of Chief Commissioner of Income Tax, said here today.

In the areas of windmills, untaxed income of Rs six crore with a tax implication of Rs two crore, was detected in the cases of three assessees.

An undisclosed income of about Rs 7.5 crore was detected in building construction activities, while names of large number of sub-contractors, who had not been filing returns so far, have also been detected during the surveys, it said.

Surveys were also conducted in activities of waste cotton trade, iron scrap business, dyeing and yarn manufacturing and also trading in handlooms, it said.

In some cases, false claim of deductions and expenses were detected by the survey officers, the release said.

 
 
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