June 2, 2011 8:27 AM

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‘Centre says series of steps taken by it resulted in detecting unaccounted money

The government has said a series of steps taken by it to unearth unaccounted wealth have started yielding results. Official sources said that Income Tax Department has detected unaccounted income of 18,750 crore Rupees in the last two financial years and collected an additional 22,697 crore rupees as taxes by stepping up vigil on cross border transactions. Besides, they added, the government detected mis-pricing of goods to the tune of 33,784 crore rupees in the last two years.Meanwhile the Income Tax Department is all set to crack the whip on tax defaulters by invoking its power, which has not been used for many years, to arrest and prosecute evaders. The step comes in the backdrop of the government initiating various steps to curb generation of black money in the country and also recently notifying the creation of the first-ever criminal Investigation unit in the I-T Department.

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