The income tax department for the Karnataka and Goa region has unearthed a total of Rs 4,248 crore of undisclosed income in the current fiscal year, which is the highest in India and more than double the Rs 2,135 crore unearthed in 2015-16, I-T officials said. The Rs 4,248-crore undisclosed income has been found from 73 groups who were investigated and searched by tax authorities in the last year, the director general of investigations in the Karnataka and Goa directorate B R Balakrishnan said here on Monday.
The total value of the liquid assets found among the Rs 4,248 crore is worth Rs 132 crore compared to Rs 64 crore that was unearthed last year, the I-T official said. According to I-T authorities co-operative banks in Karnataka have been found to have been used as a conduit for laundering black money after the demonetisation exercise of November 8, 2016. The income tax authorities did not provide a break of the undisclosed income found pre- and post-demonetisation.
“In the various co-operative banks that we have looked at we have found that many of the bank managers were actively assisting people in converting money after demonetisation. The money has been split up and put into various accounts,’’ the DG of I-T investigations said.