pennews
www.pennews.net
IT dept seizes cash and properties worth crores after raids in J&K
National

IT dept seizes cash and properties worth crores after raids in J&K

Agency News

New Delhi, Mar 15 : In a major crackdown on the tax evaders in Jammu and Kashmir, the Income Tax Department on Friday seized undisclosed cash of Rs 1.44 cr and unaccounted jewellery of Rs 2.48 cr during the searches conducted at five locations in Kashmir valley.

During the raid, they have also collected documentary evidence which has shown undeclared property transactions of more than Rs 41cr, primarily in the Kashmir valley and concealed financial transactions of nearly Rs 17 cr, the Income Tax Dept commissioner Surabhi Ahluwaliya said a statement here today.

Number of hard disks have also been seized that prima facie corroborate the evidence found in the seized documents. Their analysis is likely to lead to identification of third parties that have indulged in property and financial transactions that have been deliberately concealed from the tax authorities.

The searches were conducted yesterday as part of the continuous drive of Income Tax Dept against the use of black money by disruptive elements in the State.

One operation was against a prominent LOC trader who apparently used proxies to conduct large cross-LOC trade in the past 6 years.

In another operation, a big land and property broker of Srinagar was also searched on the same day. He allegedly facilitates absorption of unaccounted cash of undesirable elements of the valley in real estate and immovable properties in and around Srinagar.

Large cache of documents that show property transactions in cash on power of attorneys have been found from his residence. Evidence of series of land transactions have been unearthed by the Department revealing that Rs. 4.21 crore earned from the same was completely concealed from the tax and other regulatory authorities.UNI