I-T searches, assets seizure increased over the last three fiscals: Govt

MoS Finance said that a total of 741 groups were raided by the tax department and assets worth Rs 1,765.56 crore seized during the 2022-23 fiscal

The number of groups searched by the Income Tax Department and the resulting seizure of assets has shown an increasing trend over the last three financial years, according to a government data placed in the Parliament on Tuesday.

Minister of State for Finance Pankaj Chaudhary said, in a written reply, to the Rajya Sabha that a total of 741 groups were raided by the tax department and assets worth Rs 1,765.56 crore seized during the 2022-23 fiscal.

Similarly, 686 groups were searched by the I-T department during the 2021-22 fiscal and properties worth Rs 1,159.56 crore were seized preceded by 569 groups raided in 2020-21 and assets worth Rs 880.83 crore were seized.