I-T dept seized Rs 5,095 crore assets in four years till FY23: Parliament told

New Delhi, December 18, 2023

The Income Tax department has seized assets worth Rs 5,095.45 crore through search and seizure 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.

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.

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, Honourable High Court and Honourable 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."

[The Deccan Herald]