MUMBAI, SEPT 6: The investigations directorate of the Income Tax (I-T) department has stepped up its drive against persons indulging in systematic evasion of taxes and using banking channels and financial institutions for it.The directorate has during the first five months (April to August) of the current fiscal seized assets to the tune of Rs 12.80 crore and admission of concealment of income of Rs 83.62 crore a substantial increase over the corresponding period of the previous year, officials said. The directorate had during the corresponding period last year seized assets of Rs 11.46 crore and admission of Rs 11.49 crore.
It carried out 34 searches in the city, which involved corporates engaged in textiles, polyester yarn, and film processing among others.
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