'IT dept has shifted focus on prosecuting offenders'

The I-T department today said that it has shifted the focus to successfully prosecute the offenders in shortest possible time and has conducted searches in 414 groups and seized undisclosed assets of Rs 582 crore in the first nine months of the current fiscal.
"In its crusade against black money and with a view to have credible deterrence against generation of black money, the Government has shifted the focus to successfully prosecute the offenders in shortest possible time," the finance ministry said in a statement.
"During 2014-15 (upto Dec 2014) the Income Tax Department (ITD) has conducted searches in 414 groups and seized undisclosed assets of Rs 582 crore. Undisclosed income of Rs 6,769 crore has been admitted by the tax payers during such searches," it added.

Besides, 1174 surveys conducted upto November 2014 led to detection of undisclosed income of Rs 4,673 crore.
The statement further said during the current year 628 prosecution complaints have been filed upto December 2014, out of which 56 of such prosecution complaints relate to offences concerning undisclosed foreign income.
Focus of investigation in the ITD had so far been on civil consequences i.E. Revenue augmentation, it added.
Wilful attempt to evade tax is a serious offence punishable under Section 276C of the Income Tax Act, 1961 with imprisonment upto 7 years and fine.