NEW DELHI: The Income Tax Department (ITD) today said that about 14,000 properties worth over Rs 1 crore each are under its scrutiny as their owners have not filed income returns.
In a statement detailing the impact of demonetisation of old Rs 500 and Rs 1,000 notes on black money, it said ‘Operation Clean Money’ was launched on January 31 to analyse data of persons who deposited large sums of cash post note- ban, with no previous matching returns of income.
While Rs 15,496 crore was admitted as undisclosed income, surveys resulted in seizure of Rs 13,920 crore.
The ITD statement follows the Government defending demonetisation after the RBI data showed yesterday that almost all the Rs 15.44 lakh crore junked currency notes were returned to the banking system.
The Government said the deposits had ended anonymity and helped fix liabilities for the money.
In the first phase of Operation Clean Money exercise, data analytics was used to identify 18 lakh suspect cases where cash transactions did not appear to be in line with the tax profile of depositors, ITD said. (AGENCIES)
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