9911796707
TMI BlogTax RaidsX X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Raids X X X X Extracts X X X X X X X X Extracts X X X X ..... 540 *figures are provisional Income Tax Department conducts search and seizure actions based on credible information relating to 'persons', which include individuals, Hindu undivided families (HUFs), firms, companies, association of persons (AoPs), body of individuals (BoIs), local authorities and any artificial juridical person, who satisfy any of the conditions specified in Section 132 (1) of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Income Tax Act, 1961. As these persons are engaged in diversified businesses/professions across different sectors spread all over the country, Person-wise/sector-wise details of such operations are not separately maintained. However, data regarding number of search warrants executed is maintained as per the particulars given in answer to above. As per the provisions of the Income Tax Act 1961 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , immovable properties cannot be seized during search and seizure actions. The details of assets seized by the Income Tax Department during search and seizure actions during the above mentioned financial years are as under: Assets Seized Financial Year Cash (in Rs. crore) Jewellery (in Rs. crore) Other Assets (in Rs. crore) Total Assets ( in Rs. Crore) 2010-11 440.28 184.15 150.55 774.9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 2011-12 499.9 271.39 134.3 905.60 2012-13* (upto Sept. 2012) 173.39 71.29 39.61 290.29 *figures are provisional Search proceedings are followed by quasi-judicial proceedings, which involve detailed examination of the seized documents. The evidence gathered during the search proceedings are used in assessment and re-assessment of incomes of the persons in whose cases, search actions ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are undertaken. The amount of tax evaded is quantified after completion of assessment/re-assessment. Any existing liability and the demand arising out of tax/interest/penalty on account of undisclosed income detected during search action, is recovered from the assets seized during search operations. Any assets or its proceeds, which remain after these liabilities have been discharged, are released ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Assets may be released with the prior approval of the Commissioners of Income Tax if conditions specified in Section 132 B of the Income Tax Act, 1961 are met. Such details are available with Assessing Officers, spread all over the country and thus, not maintained centrally. The cash seized during searches is deposited in the Government exchequer. However, other assets are dealt with, for appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation towards the liability as per provisions of Section 132 B of the Income Tax Act, 1961.
This was stated by the Minister of State for Finance, Shri S.S. Palanimanickam in a written reply to a question in the Lok Sabha today.
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