In the ongoing investigations into the premises of Congress MP Dheeraj Sahu in Jharkhand and Odisha conducted by the Income Tax department, a substantial amount of Rs 351 crore and approximately 3 kg of gold ornaments have been recovered. This financial discovery, accompanied by the gold haul, represents a record-breaking single-action seizure by any investigative agency in the country, as per official sources.
The focus of the raids was notably on Odisha-based Boudh Distillery Private Limited, which is reportedly linked to Sahu. Commencing on December 6, these extensive searches targeted the distillery's promoters and other associated entities, with allegations of tax evasion and undisclosed transactions surfacing.
A large team of over 100 Income Tax officials participated in the raids, employing more than 40 machines for the meticulous counting of the confiscated cash.
The process involved in the seizure of cash is comprehensive. Tax officials meticulously examine financial documents, property papers, electronic devices, gold, and other items during searches conducted at business, official, and residential premises. Subsequently, the seized cash undergoes counting in the presence of two independent witnesses and is securely sealed. Following this, it is transported to a national bank.
The seized funds, in this instance amounting to Rs 351 crore, are deposited into an account maintained by the Income Tax department, specifically the Provision Deposit (PD) account at Odisha's State Bank of India.
The next steps in the legal process involve the Investigation Unit of the Income Tax Department taking charge of the case. They scrutinize all relevant details, including books of accounts, and within 60 days, prepare an assessment report. Accused individuals and suspects are then given opportunities to provide explanations regarding the source of their income.
The entire process spans approximately 18 months, during which the agency evaluates the evidence amassed during the investigation and scrutinizes the income proof presented by the suspects. The determination is then made as to the legality of the seized cash.
As part of the tax and penalty regimen, 30% of the unaccounted cash is deducted as tax, with an additional 60% levied as a penalty on the illicit funds. Throughout this process, the suspects are also liable to pay interest on the overall seized amount. Upon the conclusion of the entire procedure, if the suspect is entitled to receive any portion of the seized amount, the Income Tax department issues a demand draft for the restitution.
If the Income Tax department is still owed funds, a notice is dispatched to the suspect to facilitate the required payment. This intricate and meticulously regulated process ensures a thorough and legal resolution to the seized cash and assets.
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