I-T dept seizes Rs 992.5-cr assets in FY18

The income tax department seized assets worth Rs 992.52 crore during 2017-18, while 582 search and seizure operations were conducted during the financial year, Parliament was informed Friday.

In a written reply in the Lok Sabha, Minister of State for Finance Shiv Pratap Shukla said the income tax department seizes unaccounted/undisclosed/ unexplained assets during the search and seizure operations.

The value of assets seized during the past two financial year is Rs 1,469.62 crore in 2016-17 and Rs 992.52 crore in 2017-18, Shukla said.

The total number of search and seizure operations conducted by I-T department stood at 1,152, and 582 during 2016-17 and 2017-18, respectively.