This includes personal income tax (PIT) refunds amounting to Rs 36,028 crore and corporate tax refunds of over Rs 1 lakh crore during this period.
Sleuths of the income tax department, who conducted searches on Wednesday, also unearthed evidence relating to investments in a Singapore registered company
This includes Personal Income Tax (PIT) refunds amounting to Rs 34,820 crore and corporate tax refunds aggregating to Rs 94,370 crore during this period.
As much as Rs 3.21 crore cash has been seized during the raids, while fixed deposits of Rs 30 crore have been placed under prohibitory orders.
Private sector, state government, PSU employees eligible for I-T exemption under LTC cash voucher scheme
The employees have to exercise an option for the deemed LTC fare in lieu of the applicable LTC in the Block year 2018-21.
Also found were Rs 2.37 crore cash and jewellery worth Rs 2.89 crore has also been found along with 17 bank lockers, which are yet to be operated, it said.
The assets were attached by the Benami Prohibition wing of the Income Tax Department. Sasikala, Ilavarasi and Sudhakaran are serving a four-year sentence in a disproportionate assets case.
The allegation is that the money had been transferred to the AR Rahman Foundation, which did not have a Foreign Contribution Regulation Act (FCRA) licence then
While the statement did not identify those searched, official sources said those raided include Hilal Ahmed, Ghulam Rasool Magray and Ishfaque Dar.
CBDT is the apex tax body on personal income tax and corporate tax. Section 138 of the Income Tax Act empowers income tax authorities to share information/ details of its taxpayers with other agencies
Under faceless scrutiny assessment, a central computer picks up tax returns for scrutiny based on risk parameters and mismatch and then allots them randomly to a team of officers.
The I-T department will reach out to these taxpayers through SMS or email and can submit a response online to the query of the tax department on the portal.
The Central Board of Direct Taxes (CBDT) further asked taxpayers to provide immediate response to emails of the department for quick processing of their refunds.
A taxpayer filing Income Tax Returns electronically without digital signature has to verify it using either Aadhaar one-time password.
Earlier this week, the I-T department had announced the extension of the deadline for tax saving investments/payments for the financial year 2019-20 to July 31.