Tax evasion of more than Rs 1.37 lakh crore detected in last 3 years

Tax evasion of more than Rs 1.37 lakh crore detected in last 3 years

The Revenue Department today said it has detected evasion of more than Rs 1.37 lakh crore in both direct and indirect taxes and identified over 1,000 shell companies which indulged in bogus transactions worth Rs 13,300 crore in the last three financial years. Warning tax evaders, it said the relentless crusade against black money will be further intensified in the coming days.

The department said more than 245benamitransactionshave been identified and provisional attachments of properties worth Rs 55 crore have already been made in 124 cases as per the amended benami transactions prohibition law which came into effect from November,2016. A total of 23,064 searches were conducted by the Revenue Department, of which 17,525 were by the Income Tax Department and remaining by the customs, excise and service tax wings.