December 24, 2016 4:50 AM

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Note ban: I-T detects Rs 3,651 crore undisclosed income

The Income Tax Department has detected undisclosed income worth over 3,651 crore rupees and seized new notes worth more than 98 crore rupees as part of its country-wide operations against black money after demonetisation. Official sources said in New Delhi that the taxmen have carried out a total of 785 search, survey and enquiry operations under the provisions of the Income Tax Act, across the country, since the note ban was declared on November 8. The IT department has issued 3,647 notices to various entities on charges of tax evasion and hawala-like dealings, till Thursday. The agency has also referred over 230 cases to the Enforcement Directorate (ED) and 190 cases to the CBI in order to enable them to probe other financial crimes like money laundering, disproportionate assets and corruptions as part of their legal mandate.The Department has also seized cash and jewellery worth over 505 crore rupees. A total of 215 cases has been referred to the Enforcement Directorate and 185 cases to the CBI in order to enable them to probe other financial crimes.

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