Massive searches, seizures and surveys by the Income Tax department over the last three years have led to the detection of around 71,941 crore rupees of undisclosed income in the country.
In an affidavit filed before Supreme Court, Finance Ministry said, during the period of demonetisation from November 9 last year to January 10 this year, the total undisclosed income admitted was more than 5,400 crore rupees and the total quantity of gold seized stood at 303.367 kilograms.
It gave the details of the unaccounted income for three years from 1st April 1, 2014 to 28th February this year, including the demonetisation period.
The affidavit said that during the three year period, searches were undertaken by the IT department in over 2,027 groups which led to the admission of undisclosed income of more than 36,051 crore rupees. It said, this is in addition to the seizure of undisclosed assets worth 2,890 crore rupees.
Similarly in the mentioned period, the IT department conducted more than 15,000 surveys which led to “the detection of undisclosed income of more than 33,000 crore rupees.
The Finance Ministry has recently refused the demand to give more grace period for depositing the scrapped 500 and 1,000 rupees notes. Explaining its reason the ministry also told the court that the Ministry of Home Affairs in its 11th July communication has reported that as per intelligence agencies, there were reports of large scale misuse of the window for exchange of the demonetised currency notes.