Assets of Rs. 1 lakh crore seized, Rs. 71 crore disposed of by taxmen

The Centre’s direct and indirect tax wings have seized immovable property valued at over Rs 1 lakh crore, but disposed of assets to the tune of Rs 71 crore, the government told the Rajya Sabha.

“Many cases where properties are attached by Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs are challenged before the court and unless court decides the matter, these properties cannot be disposed of,” minister state for finance Pankaj Chaudhary told Parliament.

According to the data shared by him, the ED has also secured confiscation of proceeds of crime of Rs 15,600 crore.The minister also said that assets of Rs 15,114 crore have been restituted to public sector banks.

Out of this, a consortium of banks, led by SBI, has realised Rs 7,975 crore through the sale of assets handed over to them by the ED.

The laws allow for confiscation of property by CBDT and CBIC for recovery of tax, after following due process.

In recent years, the government has also gone after benami property, which is also being dealt with by CBDT.