I-T department seizes documents, materials from bank lockers in various states
21 Nov 2009
The income tax department, assisted by the Enforcement Directorate, has seized documents/materials in search and seizure operations in various states across the country recently.
The search actions in some cases, prime-facie, indicated `hawala' transactions as the properties were more than the income earned, minister of state for finance, S S Palanimanickam informed the Lok Sabha on Friday.
Various lockers, bank accounts and premises are under propitiatory orders as per the provisions of the Income Tax Act, 1961, he said, adding, that further investigations are on.
"Search and seizure action, as per the Income Tax Act, 1961, are a continuous and ongoing process based on information in the possession of the income tax department. The evidences gathered during search and seizure actions are used in assessment or re-assessment proceedings of the relevant persons, as per I-T Act, which becomes final when assessments before the assessing officer and appeals before CIT (Appeals), ITAT, high courts or Supreme Court are completed," the minister said, adding, "Suitable action as per law would be taken against those found guilty."
