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Income Tax (IT) Department carries-out swift investigations in more than 400 cases since the de-monetization of old High Denomination (OHD) currency on 8th November 2016; More than ₹ 130 crore in cash and jewellery seized and approximately ₹ 2000 crore of Undisclosed Income admitted by the taxpayers; IT Department refers large number of cases with serious irregularities detected Post De-monetization to Enforcement Directorate (ED) & CBI

News and Press Release - Dated:- 6-12-2016 - The Income Tax Department has carried-out swift investigations in more than 400 cases since the de-monetization of Old High Denomination (OHD) currency announced by the Government on 8th November, 2016. More than ₹ 130 Crore in cash and jewellery has been seized and approximately ₹ 2000 Crore of undisclosed income has been admitted by the taxpayers. Detecting serious irregularities beyond the Income-tax Act, the CBDT decided to refer such .....

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were seized. Ludhiana Unit has referred 2 cases, where seizures of USD 14000 and ₹ 72 lakh in cash were made. Hyderabad, shared a case involving seizure of ₹ 95 lakhs cash from 5 persons travelling in a Tata Indica. Pune s reference stems from a seizure of ₹ 20 lakhs cash, including 10 lakhs in new currency notes from an un-allotted locker of urban cooperative bank, the key of which was in the possession of the CEO of the bank. Two cases referred by the Bhopal unit are of jewe .....

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