I-T dept finds Rs 1,200 cr in frozen demat accounts

Delhi : The I-T department has found over Rs 1,200 crore lying unaccounted in lakhs of frozen demat accounts across the country and has sought a detailed probe on the possibility of their use for illegal transaction and tax evasion.The department has now sent the reports of such accounts to the respective Chief Commissioners of Income Tax (CCITs) in various parts of the country to check the veracity of such accounts in their regions.More than 6.5 lakh frozen demat accounts were taken under scanner and investigated by the income tax department in December last year on the suspicion of huge evasion of taxes and ‘benami’ transactions.