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I-T official terms success rate all-time high

BHUBANESWAR: Widening its net to new areas, the investigation wing of the Income Tax (I-T) Department has obtained confession on secret income of Rs. 28.75 crores while seizing Rs. 3.40 crores in Orissa during the just- concluded financial year. Going by the volume of seizure of cash during raids and detection of undisclosed income, the IT investigation wing put the success at all-time high.

“The cash seizure of Rs. 3.40 crores is substantially higher than Rs. 1.95 crores in the fiscal 2006-07 and Rs. 1.01 crores in financial year 2005-06,” A. K. Behera, Commissioner and Director, Income Tax (investigation), said in a statement here on Thursday.

“In the same way surrendered income of Rs. 28.75 crores is an all time high compared to Rs. 5 crores in 2006-07 and Rs. 4.11 crores in 2005-06,” Mr. Behera said.

The investigation wing had conducted searches against eight groups leading to the cash seizure. As many as 32 search warrants had been executed against these groups. Moreover, the IT sleuths carried 29 surveys.

As per the investigation subsequently carried out against these groups, concealed income in the region of Rs. 55 crores came to light against the disclosure of Rs. 28.75 crores by accused persons, the release said.

“Searches were carried out against two transporters, four groups involved in real estate development and land dealings in Bhubaneswar. Searches were conducted against one rice miller and one steel mill of western Orissa,” Mr. Behera said.

Sources said the IT investigation wing had zeroed in on builders in the capital city of Bhubaneswar and mine owners in Sambalpur region. More than Rs. 30 lakhs of concealed income came to light from the two regions alone.

While several builders in Bhubaneswar could no more hide their secret income, the investigation wing was able to spot huge cash from interior areas. On one such occasion, Rs. 35 lakhs of cash was seized by the IT sleuths from Balianta area. In another incident, Rs. 40 lakhs was recovered from a rice miller in Bargarh district. The interior pockets were previously left untouched, sources said.

The director said the information gathered on mutual fund investments led to survey, which unearthed two dozens of bogus bank accounts operated by one promoter of an educational institution. This unexplained deposit of Rs. 3.75 crores led to finding of concealment Rs. 5.43 crores, which led the party to revise its return to Rs. 10 crores, the investigation wing said.

Besides, volume of the undisclosed income is expected to shoot up further as IT sleuths were inquiring 42 Banking Cash Transaction Tax (BCTT) cases against huge cash withdrawals in seven banks in the State. “Several crores of rupees seem to have been shown as cash withdrawal which are under investigation,” Mr. Behera said.

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