Symbolic photo.
Srinagar:
Income Tax raids in Jammu and Kashmir continued for the second day. The Income Tax team raided the premises of a major business group engaged in various sectors like cement, steel, glass, plywood, real estate, tourism, textiles and healthcare in Kashmir Valley. Sources said that during the raid, Income Tax officials have seized cash, documents and important evidence.
The Income Tax team conducted raids in Srinagar, Sopore, Budgam, Sonmarg, Pulwama areas of Kashmir Valley and more than 40 premises in Delhi.
Incriminating documents, handwritten diaries and digital devices have been seized during the search operation. Variation in stock was also seen in many factories and retail shops. Evidence has also been found of undeclared investments worth more than Rs. 50,000 in immovable properties located in the Kashmir Valley. The team has seized Rs 50 crore from various premises.
The investigation so far has revealed that the major business group tried to suppress its taxable income by under-reporting its sales in the cement sector. Seized evidence in the form of cash vouchers and selling challans in respect of Rs 60 crore in the last several years, which have not been recorded in the account books.
Evidence and documents of on-money in the real estate business of the business group running in Kashmir and Delhi have been recovered. The estimate for hiding the account book entries is around Rs 10 crore. The head of this business group has admitted that this system has been used for undeclared income.
Cash worth more than Rs 1.70 crore was seized during the raid. Apart from this, gold was also recovered. The inspection of the matter is going on.
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