‘IT dept Seized Assets Worth Rs 5,095 Crore in 4 Yrs:  4 Years’: MoS Pankaj Chaudhary

The Income Tax (IT) department has undertaken search and seizure actions on 2,980 groups over the four-year period till 2022-23, resulting in the seizure of assets valued at Rs 5,095.45 crore, as disclosed in Parliament on Monday.

Minister of State for Finance Pankaj Chaudhary, while presenting details of the search and seizure operations, including those targeting business establishments, informed the Lok Sabha that in the fiscal year 2019-20, a total of 984 groups were subjected to searches, leading to asset seizures totaling Rs 1,289 crore. During this period, 365 prosecutions were initiated.

Moving forward to 2020-21, 569 groups underwent search operations, resulting in asset seizures amounting to Rs 881 crore, with 145 prosecutions launched. In the subsequent fiscal year, 2021-22, 686 groups were subjected to searches, leading to the seizure of assets valued at Rs 1,159.59 crore. Additionally, 115 prosecution cases were initiated. In the ongoing fiscal year 2022-23, 741 groups were subjected to search operations, resulting in the seizure of assets worth Rs 1,765.56 crore, and 97 prosecution cases were launched.

Chaudhary clarified that, ”On the basis of the evidence gathered during search operations and subsequent investigations, tax assessments are finalized, and a tax demand is raised. The income assessed and the tax thereupon become conclusively crystallized when appeals, if any, preferred before CIT(A), ITAT, Hon’ble High Court, and Hon’ble Supreme Court are decided.”

Responding to a question regarding the number of Income Tax raids on business establishments from 2019-20 to 2022-23, Chaudhary stated, ”There is no expression such as ‘raid’ in the Income Tax Act, 1961.”