Taxman triples Mumbai searches in 05-06, seizes Rs 4,215 crore
July, 29th 2006
Income tax searches in commercial capital Mumbai has more than tripled within one year, from 11 to 39. While the city has naturally faced the maximum number of searches over the years, the sharp rise shows the income tax department has become quite vigorous off late.
The department seized Rs 4,215.31 crore in these searches, which is much higher than the Rs 604.17 crore seized in 04-05.
Ahmedabad is second in the tally, where the income tax department conducted 25 searches in 05-06, but the seizure amount was only Rs 18 crore in 05-06. The number of searches in the city has more or less been at about the same level in the previous two years also at 22, and 18.
The figures for Ahmedabad are higher than for Delhi and Kolkata, which witnessed 18 and 16 searches respectively in 05-06. While the searches in Delhi resulted in seizure of Rs 2,907 crores, those in Kolkata resulted in Rs 546.9 crore.
In the case of national capital, 10 searches were made in 04-05 resulting in seizure of Rs 1218.2 crore, while Kolkata saw 13 searches yielding a seizure amount of Rs 219.6 crore. The figures were furnished to Lok Sabha by the finance ministry in a written reply on Friday.
The finance ministry uses its power of search and survey to basically flush out those cases, where other means to recover unaccounted income fails to yield results. The investigation wing under the ministry conducted 3 searches and seized Rs 140.2 crore in the period under review in Chennai.