New Delhi: In a major crackdown, the Central Board of Direct Taxes (CBDT) announced on Monday that the Income Tax department has successfully seized a substantial amount of undisclosed wealth. The raids, which took place in Karnataka and multiple other states, targeted government contractors and real estate developers. The operations commenced on October 12, encompassing a total of 55 premises across Bengaluru and several cities in Telangana, Andhra Pradesh, and Delhi.
The result of these meticulously conducted searches was the confiscation of unaccounted cash amounting to a staggering Rs 94 crore. Additionally, the authorities discovered gold and diamond jewelry worth over Rs 8 crore, bringing the total value of assets seized to more than Rs 102 crore.
Notably, the investigations led to the discovery of an unexpected treasure trove—a collection of approximately 30 luxury wristwatches of foreign make. These watches were found in the possession of a private salaried employee, who was not engaged in the business of selling wristwatches. The CBDT has refrained from disclosing the identities of the entities involved.
The Central Board of Direct Taxes, responsible for formulating policies for the Income Tax department, expressed satisfaction with the operation's outcome, underscoring the government's determination to crack down on tax evasion and undisclosed wealth.
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