 "Officials say the department is facing issues in implementation of faceless scrutiny and this could hit tax revenue collections")
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.
