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If convicted, they could face imprisonment of up to seven years in addition to fine, along with interest and penalty on the amount of tax evaded.
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The department asked its officials to file prosecution complaints against entities who refuse to own up their money even after submitting evidences based on cash deposits in their bank accounts after demonetisation.
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As more data collected from banks gets analysed, more cases could be filed.
Several offenders, in a bid to avoid penalty, have also opted to surrender their unaccounted income under the Pradhan Mantri Garib Kalyan Yojna, which can only be done till March 31st.
(Image source: CFO India)