The Income Tax Department on Friday launched the second phase of its “Operation Clean Money”, as per which I-T sleuths investigate individuals identified as “high-risk” persons. “More than 60,000 persons, including 1,300 high-risk persons, have been identified for investigation into claims of excessive cash sales during the demonetisation period,” the department said in a statement.
Operation Clean Money was launched on January 31 to detect black money in circulation following the Centre’s demonetisation drive. The Central Board of Direct Taxes on Friday said that in raids conducted between November 9, 2016, and February 28, 2017, the Income Tax Department had seized valuables and cash worth more than Rs 818 crore and Rs 9,334 crore in undisclosed income.
“More than 6,000 transactions of high-value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations,” the I-T Department said, adding that cases where no response was received shall be subjected to detailed inquiries. More than 400 cases have been referred to the Enforcement Directorate and the Central Bureau of Investigation.
During the first phase of the operation, the I-T Department had sent online queries to at least 17.92 lakh individuals whose cash transactions did not appear to be in line with their tax profile. Of them, 9.46 lakh people had responded.
In cases where individuals provided a “justified” explanation for the source of their cash or where cash deposits were declared under the Pradhan Mantri Garib Kalyan Yojna, I-T sleuths decided to close their investigation, they said in the statement.