Income Tax Department carries out searches in Srinagar, Kupwara; seizes unaccounted assets, incriminating evidence
New Delhi: The Income Tax Department on Wednesday (September 2, 2020) carried out simultaneous search and seizure operations within the case of three distinguished businessmen in Jammu and Kashmir’s Srinagar and Kupwara. These operations have led to the detection of an enormous quantity of undisclosed earnings, seizure of unaccounted property and incriminating proof and involvement in Benami transactions by three teams.
The search motion revealed that the important thing particular person of one of many teams, though engaged in Cross-LOC commerce till the suspension of a commerce by the Government in April 2019, has not filed his Income Tax Returns. He was additionally discovered to be having two lively PANs. His proprietory concern has made exports of over Rs 25 crore in the previous couple of years and no earnings tax has been paid in any respect.
Incriminating paperwork associated to the LoC commerce have been seized from the Custodian of cross-LOC commerce, indicating large-scale tax evasion. There can be proof of unexplained expenditure on the schooling of his daughter in Pakistan.
In one other case, the important thing particular person and his brother had been engaged in Cross-LOC commerce till the suspension of a commerce by the Government. He had made complete exports of Rs three crore within the final two years, whereas he had filed his Income Tax Return for just one yr and that too, displaying meagre receipts. The Income Tax Return filed additionally doesn’t match with the credit in a number of financial institution accounts which run into crores of rupees.
Further, proof displaying unlawful commerce in violation of suspension of cross LoC commerce have been seized. The passport of the assessee reveals that he had travelled to Pakistan for 20-25 days yearly since 2017 and the supply of expenditure on this account is prima-facie unexplained.
Another case concerned a bunch that was engaged in Cross- LOC commerce of greens and fruits and unaccounted money of Rs 15 lakh has been seized from them. The group is having a number of considerations and transactions of those considerations haven’t been mirrored of their Income Tax Returns. In the case of an individual of this group, who’s a non-filer, paperwork pertaining to the unaccounted enterprise transactions of about Rs 10 crore have been seized.
In the case of a agency, one of many companions within the agency has admitted that his title was solely getting used, although he was not concerned in any exercise of the agency. The matter is being examined from the angle of Benami transactions. A locker has additionally been discovered which is but to be searched and has been positioned beneath restraint.
As per reviews, additional investigations are underway.
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