Rs 10.85 crores unaccounted-for cash seized in poll season in Mumbai

Last Updated: Thursday, April 17, 2014 - 23:10

Mumbai: The Income Tax Department on Thursday took possession of unaccounted cash of Rs 10 lakh belonging to IY Construction, taking the total amount seized by the tax authorities in the metropolis since the Model Code of Conduct for elections came into force to Rs 10.85 crore.
"The Mumbai police had seized Rs 10 lakh yesterday and today we took over the cash," said an Income Tax official.

Of the Rs 10.85 crore, about Rs 10 crore were seized from two Mumbai-based companies and it had nothing to do with the ongoing elections, IT sources said.

Meanwhile, the Government Railway Police here seized Rs 4 lakh at the Mumbai Central railway station following a tip-off by the IT Department, sources said.

The Income Tax Department had also unearthed another Rs 25 lakh unaccounted-for cash elsewhere, sources said, without giving further details.

IT officials had earlier said that whenever the department receives information about movement of a large amount of cash or bullion, they would investigate it as per the Income Tax Act, and would seize it if no satisfactory explanation is furnished.

People should carry necessary documentary evidence while carrying large amounts of cash or bullion, they had said.

PTI

First Published: Thursday, April 17, 2014 - 23:10

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