Lucknow: Close to 27,000 transactions were flagged as suspicious in Uttar Pradesh by the intelligence and criminal investigation wing of the income tax department . Sharing details of the proceedings initiated so far to curb fraudulent financial transactions, the I&CI wing of the department on Friday revealed that investigations have yielded unreported transactions amounting to about Rs 2,750 crore in the state during the 2025-26 financial year in UP east.
I&CI officials deputed in UP east headquarters in Lucknow carried out 46 spot investigations to ascertain the amount of money that has been evaded as financial gains. As per rules, reporting and disclosure of specified transactions, including large cash deposits and withdrawals in bank accounts, deposits, share application money exceeding Rs 10 lakh, purchase or sale of immovable property worth Rs 45 lakh or more and transactions involving goods valued above Rs 2 lakh have to be reported to the department. The department said 17,487 suspicious transactions involving Rs 9,293 crore were corrected after follow-up actions.
Joint director of the wing, Sonia Singh, appealed to the stakeholders to follow the stipulated timeline to ensure transactions get reported on time. In some cases, banks had not reported accrued interest which was later disclosed at later stages once tax authorities started looking into the specific cases. You Can Also Check: Gold Rate in Lucknow | Silver Rate in Lucknow | Bank Holidays in Lucknow | Public Holidays in Lucknow | Lucknow AQI | Weather in Lucknow | Petrol Price in Lucknow | Diesel Price in Lucknow | CNG Price in Lucknow | LPG Price in Lucknow Stay updated with the latest Lucknow news.
Officials said accurate reporting of high-value transactions broadens the tax base, improves transparency and helps prevent tax evasion. On coming across major anomalies, the tax department sleuths carried out searches of the premises from where suspicious transactions had taken place. Majority of the unreported transactions were found to have taken place during the registration of deeds pertaining to property transactions. Officials clarified that the final penalty amount would be calculated after the due process and findings are based on the proceedings that have been initiated during the last financial year. Download the TOI App.