I-T dept finds Rs 1,200 cr in frozen demat accounts
Press Trust of India / New Delhi May 25, 2009, 18:01 IST
The I-T department has found over Rs 1,200 crore lying unaccounted in lakhs of frozen demat accounts across the country and has sought a detailed probe on the possibility of their use for illegal transaction and tax evasion.
The department has now sent the reports of such accounts to the respective Chief Commissioners of Income Tax (CCITs) in various parts of the country to check the veracity of such accounts in their regions.
More than 6.5 lakh frozen demat accounts were taken under scanner and investigated by the Income Tax Department in December last year on the suspicion of huge evasion of taxes and 'benami' transactions. According to official sources, the CCITs have been asked to serve notices to all the account holders and report unclaimed accounts so that such accounts can be seized.
All the I-T Commissioners have also been asked to prepare "detailed reports" on the transactions of these accounts.
Official sources said that distinction between claimed and unclaimed accounts will help the authorities to proceed with further probe or seizure procedures respectively, as these accounts could lead to links to further cases of tax evasions and unreported economic transactions.
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