Daijiworld Media Network - Mangaluru (ANK)

Mangaluru, Feb 20: Income tax (I-T) department has unearthed undisclosed income worth Rs 172 crore after it conducted raids on February 1 across Mangaluru, Puttur, Chikkmagaluru, Udupi, Bengaluru and Mumbai, informed Balakrishnan, director general income tax (investigation), Bengaluru.

Addressing the media after the inauguration of the new office of additional director income tax (investigation) here on Monday Febrauary 20, Balakrishnan said, "The department had conducted one-time raids on February 1 and we were able to unearth undisclosed income worth Rs 172 crore. Our department raided real estate companies, firms, trusts, other companies and a few cooperative societies. The income tax department has detected undisclosed amount worth Rs 4,300 crore during its raids since April 2016, out of which Rs 1,000 crore unearthed since demonetisation of high value currencies.

"Tax evaders can voluntarily pay tax along with penalty. The formalities of penalising those who voluntarily pay up will be regular. It is better to pay up before the IT deparment raids your properties," he said.

Principal commissioner income-tax, Mangaluru, Narotham Mishra said, "According to all-India figures, a total of 18 lac depositers have been identified, to whom notices have been issued. Nearly 8 lac depositers have responded to the notices while another 10 lac have failed to do so. They have time till March end, but if they fail to respond by then, field-level officers will probe the matter.

"At present, the work load is a bit high as there there is 60% of staff deficiency in Mangaluru. The number of prosecutions initiated is eight times higher, as compared to last year. There are 150 cases pending, for which we have demanded a special court for speedy disposal of the cases," he added.

Director of income tax, Bengaluru Kishore Kumar and others were present.