IT Dept Launches Operation Clean Money 2’ On Friday
New Delhi: Cracking the whip against black money post demonetisation, the law agencies sprung into action seriously. While the Enforcement Directorate has conducted searches against Tax professionals and Chartered accountants on Thursday, the IT department launched its ‘Operation Clean Money’ on Friday
While the ED searched the offices under Prevention of Money Laundering Act to unearth black money being channelled by the tax professionals using shell companies, the IT department which detected ₹ 9,334 crore of undisclosed income post demonetisation till February 28 swung into action and is preparing to issue notices to 60 thousand entities.
The Income Tax department identified 60 thousand persons to probe under the second phase. The Central Board of Direct Taxes (CBDT), the policy making body of the department revealed that a ‘detailed investigation’ businesses including petrol pumps and other essential services like hospitals would be taken up. The department will also probe government or Public Sector employees, who made high-value purchases, those laundered funds through shell companies.
It also said that it has detected undisclosed income amounting to Rs. 9,334 crore between 9 November 2016 to 28 February 2017. Prime Minister Narendra Modi demonetised high-value notes on November 8 last year.