Date:07/06/2007 URL: http://www.thehindu.com/2007/06/07/stories/2007060705750400.htm

Karnataka - Bangalore

Rs. 507 cr. undisclosed income unearthed

Staff Reporter

BANGALORE: The Directorate of Investigation of the Income Tax Department (Karnataka and Goa) unearthed undisclosed income of Rs. 507.72 crore during 2006-07.

The directorate carried out search and seizure operations against 37 groups and over 100 surveys on business premises before bringing out the hidden income, according to a release here on Tuesday.

The undisclosed income unearthed during the previous year was Rs. 130.15 crore and this disclosure resulted in a quantum jump of 290 per cent in the undisclosed income brought to tax because of search and seizure operations.

The searches resulted in the seizure of unaccounted assets valued at Rs. 23.74 crore of which Rs. 21.2 crore was in cash, the release added. The taxes collected by the Central Commissionerate during 2006-07 was Rs.788.72 crore as against Rs. 590.86 crore in 2005-06 registering a 33.5 per cent increase.