I-T conducts searches in J&K; detects undeclared investment of Rs 19 crorehttps://indianexpress.com/article/business/companies/i-t-conducts-searches-in-j-detects-undeclared-investment-of-rs-19-crore-5649437/

I-T conducts searches in J&K; detects undeclared investment of Rs 19 crore

None of the persons covered in the search actions has filed an income tax return, it said, adding criminal prosecution for wilful attempt to evade tax, as well as deliberate non-filing of tax returns, would be filed against the tax evaders.

I-T conducts searches in J&K; detects undeclared investment of Rs 19 crore
The tax department carried out these search actions at five premises in and around Srinagar. (File)

The Income Tax Department on Friday said it has unearthed unaccounted financial transactions of over Rs 11 crore and undeclared investment in immovable property of over Rs 19 crore in and around Srinagar in searches carried out on Thursday.

The tax department carried out these search actions at five premises in and around Srinagar.

In one search, the department said 76 shops built by Srinagar Development Authority for resettlement of vegetable and fruit vendors were sold off to “influential and cash rich disruptors at a huge premium”. The department alleged black money transactions, citing sale of four shops for Rs 1.09 crore by a person to an individual, who paid Rs 9 lakh in cheque and the balance Rs 1 crore in unaccounted cash, adding that he 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 second search operation revealed that nearly 86 kanals of land under unauthorised occupation was sold to locally powerful persons at a high premium. “The transactions have been undertaken either completely or largely in undisclosed cash,” it said.

None of the persons covered in the search actions has filed an income tax return, it said, adding criminal prosecution for wilful attempt to evade tax, as well as deliberate non-filing of tax returns, would be filed against the tax evaders.