Parliament informed about assets seized by Income Tax department in FY 2018

The income tax department seized assets worth Rs 992.52 crore during 2017-18, while 582 search and seizure operations were conducted during the financial year, Parliament was informed Friday. In a written reply in the Lok Sabha, Minister of State for Finance Shiv Pratap Shukla said the income tax department seizes unaccounted/undisclosed/ unexplained assets during the search and seizure operations. The value of assets seized during the past two financial years is Rs 1,469.62 crore in 2016-17 and Rs 992.52 crore in 2017-18, Shukla said. The total number of search and seizure operations conducted by I-T department stood at 1,152, and 582 during 2016-17 and 2017-18, respectively.