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regular-article-logo Friday, 14 June 2024

Massive asset seizures: Income Tax raids result in Rs 1,765.56 crore confiscation in 2022-23

During 2022-23, 741 groups were searched, Rs 1765.56 crore assets were seized, and 97 prosecution were launched

PTI New Delhi Published 18.12.23, 04:38 PM
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Representational Image File photo

The Income Tax department has seized assets worth Rs 5,095.45 crore through search and seizures actions on 2,980 groups in four years till 2022-23, Parliament was informed on Monday.

As per details of the search and seizure actions, including those mounted on business establishments, shared in the Lok Sabha by Minister of State for Finance Pankaj Chaudhary in 2019-20, a total of 984 groups were searched and the value of assets seized stood at Rs 1,289 crore.

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A total of 365 prosecutions were launched during the fiscal.

In 2020-21, 569 groups were searched, leading to asset seizures of Rs 881 crore. Prosecution was launched in 145 cases.

In 2021-22, 686 groups were searched and Rs 1,159.59 crore worth assets were seized, and 115 prosecution cases were launched.

During 2022-23, 741 groups were searched, Rs 1765.56 crore assets were seized, and 97 prosecution were launched.

"On the basis of the evidence gathered during search operation and subsequent investigation, tax-assessments are finalised and a tax demand is raised.

"The income assessed and the tax thereupon, get crystallised conclusively when appeals, if any, preferred before CIT(A), ITAT, Hon'ble High Court and Hon'ble Supreme Court are decided," Chaudhary said.

To a question on the number of Income Tax raids on business establishments from 2019-20 to 2022-23, he said, "There is no expression such as 'raid' in the Income Tax Act, 1961."

Except for the headline, this story has not been edited by The Telegraph Online staff and has been published from a syndicated feed.

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