New Delhi: The number of complaints filed against economic offences came down to 244 in 2010-11 against 312 cases in the previous fiscal. There were 244 complaints filed for offences under the Income Tax Act in 2010-11 as against 312 cases in 2009-10, Minister of State for Finance SS Palanimanickam told the Rajya Sabha in a written reply.
In 2008-09, there were 162 cases of such offences. The number of cases convicted was 51 in 2010-11 against 32 cases in 2009-10, while the same was 14 in 2008-09, he said.
"Appropriate steps are taken by the government from time to time taking into account the modus operandi of the economic offences committed," Palanimanickam said.
The government, however, said that so far as evasion of direct taxes are concerned, the Income Tax (IT) department took several punitive measures to unearth unaccounted money and curb tax evasion.
"Information technology has also been used in a big way in collection, collation and dissemination of taxpayer information," he said, adding that a Directorate of Income Tax and criminal investigation has also been created to deal with financial and taxation aspects of criminal activities.
With regard to economic offences relating to capital market, Securities and Exchange Board of India (SEBI) has taken up 104 cases of investigations in 2010-11 as against 71 cases in 2009-10, he said.
"SEBI maintains constant vigil on the market, and in case of any abnormality, takes appropriate action against the concerned entities," he said, adding that the systems and practices are reviewed continuously and modified to meet emerging needs.
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