IPL, CWG in Rs 414 cr tax seizures

The income-tax department has made seizures worth Rs 413.7 crore during the current fiscal till October, registering a growth of 17.1% over the corresponding period of the last year, which was at Rs 353.31 crore.

The income-tax department has made seizures worth Rs 413.7 crore during the current fiscal till October, registering a growth of 17.1% over the corresponding period of the last year, which was at Rs 353.31 crore

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The seizures include Rs 271.9 crore in cash, jewellery worth Rs 80.5 crore and other assets worth Rs 61.4 crore during the countrywide search operations, which include financial irregularities in Indian Premier League and Commonwealth Games.

As per the official sources, the growth in the revenue collection was due to high-profile raids in cash-rich ventures related to IPL, Commonwealth Games.

The authorities, in October, had also raided a real estate group, which allegedly made huge investments and round-tripped funds through tax havens to make investments worth Rs 7,300 crore.

The I-T sleuths had also conducted raids on couple of bureaucrats in Madhya Pradesh and Chhattisgarh. The department has also executed 2,548 warrants till October against 1,654 warrants executed during the corresponding period last year.