Shiv Pratap Shukla, Minister of State for Finance further added that,”Total case to the tune of Rs 5.27 lakh crore has been found to be deposited in bank accounts in case of these 22.69 lakh taxpayers during demonetisation period”.
On Tuesday, Income Tax Department provisionally attached Benami properties of over Rs 3,900 Crore in more than 1,200 cases. The Finance Ministry informed in its rely in Rajya Sabha.
Shiv Pratap Shukla also stated that Tax Department has identified more than 1,600 benami transactions till end-February,2018.
He further added that,”Show cause notices for provisional attachment of benami properties were issued in over 1,500 cases and provisional attachment has been made in over 1,200 cases”.
In another reply, Minister stated that till date, in three phases of ‘operation clean money’, I-T Department has identified around 22.69 lakh persons whose tax profile was found to be inconsistent with the case deposits made by them during the demonetisation period.
However, the unaccounted income in such transactions, if any, can be quantified only after completion of the verification/assessment process.