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IT dept conducts searches in J-K; detects undeclared investment

ANI | Updated: Mar 30, 2019 00:04 IST

Srinagar (Jammu and Kashmir) [India], Mar 29 (ANI): Officials of the Income Tax Department carried out search operations at five premises located in and around Srinagar on Thursday. The sleuths unearthed undeclared investment in immoveable property of more than Rs 19 crore.
Two groups who have connived with local officials in the facilitation of absorption of undisclosed income of undesirable elements in shops, buildings and land in Srinagar were searched, read a statement.
The IT officials found that 76 shops built by Srinagar Development Authority for resettlement of vegetable and fruit vendors were sold off to influential and cash-rich disrupters at a huge premium.
"One of the persons searched by the Department is a self-proclaimed chairman of the Vegetable Vendors Union, Batamaloo. The magnitude and proportion of black money used in these transactions is startling. It has been found that four shops on the first floor of the market have been apparently sold by the self-styled chairman for Rs 1.09 crore to an individual, who paid Rs.9 lakh in cheque and the balance Rs.1 crore in unaccounted cash. He has constructed a three-storeyed budget hotel-cum-shopping complex at the New Fruit Complex, Parimpora from the black money earned by him in transactions of these shops and other real estate," the statement read.
In another search operation, the officials found that "nearly 86 Kanals of land under unauthorised occupation were sold to locally powerful persons at a high premium."
The transactions have been undertaken either completely or largely in undisclosed cash.
"In the aggregate, the search actions of March 28 have unearthed unaccounted financial transactions of more than Rs 11 crore and undeclared investment in immoveable property of more than Rs 19 crore in and around Srinagar," the statement added.
None of the persons covered in the search actions had filed an income tax return, the department stated.
Criminal prosecution for wilful attempt to evade tax as well as deliberate non-filing of tax returns would be filed against the tax evaders. (ANI)