Income Tax department rejects black money disclosures of over Rs 2 lakh crore

The Income Tax department has rejected an astonishing Rs 2 lakh crore disclosure by a Mumbai family as well as the controversial Rs 13,860 crore by an Ahmedabad businessman under the Income Disclosure Scheme that closed in September and a probe is on against them to determine the intention behind their false claims.

Meanwhile, the government has revised upwards the total illicit wealth disclosed in the one-time window to Rs 67,382 crore as against Rs 65,250 crore estimated earlier.

"Among the declarations received, there were two sets of declarations of high value which were not taken on record in the above figure because these declarations were found to be suspicious in nature being filed by persons of small means," the Finance Ministry said in a statement today. #casansaar (PTI - India Today)