The CBDT on Thursday said the Income Tax Department has made an all-time high cash seizure of Rs 9.55 crore in the Pune region of Maharashtra after it raided a local businessman in connection with a tax evasion case.
The policy-making body of the department said the action was undertaken on November 4. It did not identify the entity.
"Intelligence information was received that the businessman was in possession of a large amount of cash at his residence and that this cash was likely to be moved within a short span of time.
"In a swift action, some preliminary discreet enquiries were made to ascertain the availability of cash and a single warrant was executed to search the residence of the individual along with survey at his business premises," the Central Board of Direct Taxes said in a statement.
The assessees, it said, is in the business of construction, sub-contracting and real estate activities.
During the search, an unaccounted cash of Rs 9.55 crore was seized, the CBDT said.
"This is the highest cash seizure in Pune by the I-T department till date. Investigations in the case are still under progress," it said.