IT Dept Seized Assets Worth Rs 1,052 Crore Till Jan This Fiscal, Says FM Sitharaman
File photo of Finance Minister Nirmala Sitharaman. (AFP)
The Income Tax Department has seized assets worth Rs 1,051.79 crore up to January in the current financial year as it conducted searches on 893 groups, Finance Minister Nirmala Sitharaman said on Tuesday.
In 2018-19, the tax department conducted 983 searches and seized assets valued at Rs 1,584.11 crore.
Replying to a question in the Rajya Sabha, Sitharaman further said investigation regarding tax evasion is an ongoing process and whenever any instance of tax evasion comes to the notice of the department, appropriate action, including search and seizure actions, surveys are taken as per law, depending upon the facts and circumstances of each case.
After search and seizure actions, the department conducts search investigations, assessment of income, levy and recovery of tax, the imposition of penalty and launching of prosecution depending upon the facts and circumstances of each case.
The assessment orders passed by the department are subject to appeals before various appellate authorities including Commissioner of Income Tax (Appeals), Income Tax Appellate Tribunal, High Courts and the Supreme Court.
However, disclosure of information about specific assessee is prohibited under Section 138 of the Income Tax Act, 1961, the minister added.