60,000 individuals to be investigated by IT Department in 2nd phase of ‘Operation Clean Money’
The Income Tax department today launched the second phase of ‘Operation Clean Money’ to detect black money post-demonetisation. Over 60,000 individuals will be investigated in the second phase.
Policy-making body of the department, the Central Board of Direct Taxes, CBDT said it has detected undisclosed income of over 9,334 crore rupees between November 9, 2016 till February 28 this year. The notes ban was announced by Prime Minister Narendra Modi on November 8 last year.
CBDT said over 60,000 persons, including 1,300 high risk persons, have been identified for investigation into claims of excessive cash sales during the demonetisation period. It said, more than 6,000 transactions of high value property purchase and 6,600 cases of outward remittances shall be subjected to detailed investigations under second phase of operation ‘Clean Money’.
The policy-making body said all the cases where no response is received shall also be subjected to detailed enquiries. As part of the first phase of the ‘Operation Clean Money’, launched on January 31 this year, the department had sent online queries and investigated 17.92 lakh persons out of which 9.46 lakh persons have responded to the department.