I-T dept seized assets worth Rs 299 cr till Oct

New Delhi: The Income Tax department has seized assets worth more than Rs 299 crore in the first seven months of the current financial year, the government informed Parliament today.

The value of assets seized by the Income Tax department during search and seizure operations till October this year (FY 2011-12) is Rs 299.63 crore, Minister of State for Finance S S Palanimanickam told the Lok Sabha in a written reply.

The department seized assets worth Rs 774.98 crore in 2010-11, Rs 963.50 crore (2009-10) and Rs 550.23 crore (2008-09).

To another query, the Minister said the Enforcement Directorate has recovered Rs 9.28 crore in cash during searches of a firm – C P Vaults – in Connaught Place in Delhi on June 26.
"Certain documents, laptops, mobile phones were also seized. Investigations in the matter are in progress," the Minister said.