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Benami assets: I-T scanning profiles of property over and above Rs 30 lakh

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New Delhi : The Income Tax Department is matching the “tax profiles” of all property registrations of above Rs 30 lakh under the provisions of the anti-Benami Act, as action against illicit asset holders is set to intensify, the CBDT chief said on Tuesday.

Central Board of Direct Taxes (CBDT) Chairman Sushil Chandra said the taxman is also investigating those shell companies and their directors whose operations were recently “debarred” by the government as part of the drive to check black money generation through their abuse. The top boss of the I-T department said that till now, the taxman has attached 621 properties, including some bank accounts, and the total amount involved in these cases, being probed under the Benami Transactions Act, is about Rs 1,800 crore.

I-T to issue notices to suspicious cash depositors soon


New Delhi: The Income Tax Department will soon issue notices to those who have deposited “suspicious” amounts of money in banks post-demonetisation and have not responded to taxman’s preliminary communication, the CBDT said on Tuesday. Sushil Chandra, chairman, Central Board of Direct Taxes (CBDT) said.