NEW DELHI: The Income Tax department has unearthed undisclosed income of Rs 56,378 crore during search operations conducted over two years time and seized cash of about Rs 2,000 crore.
Giving details of the steps taken by the government since coming to power in May 2014, Finance Minister Arun Jaitley said with IT upgradation the CBDT has been able to recover Rs 16,000 crore from non-filers of tax returns.
Also the government had constituted a Special Investigation Team (SIT) on black money and have been implementing its recommendations, including mandatory PAN quoting for transaction above a certain threshold.
Jaitley said the government is taking steps to deal with the names that have appeared in the Panama Papers as well as the HSBC list.
"In Panama cases, 250 references have been given to other countries and investigation is progressing in good pace. People who figured in the HSBC list, about Rs 8,000 crore assessment have been completed. 164 prosecutions have been filed," he said.
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