ITD conducted search in Kashmir Valley -undisclosed cash/jewellery and property found
Income Tax Department (ITD) conducted search actions at 5 locations in the Kashmir Valley on 14th March, 2019. Few places in Jammu were also searched.
As per tweet of Finance Ministry, these actions are part of the Department’s continued drive against use of black money by disruptive elements in the J& K State.
ITD operations also send a message of deterrence and obviation to those intending to vitiate the democratic process of free and fair elections.
The preliminary results are extremely encouraging. In the aggregate, undisclosed cash of Rs. 1.44 crore and unaccounted jewellery of Rs. 2.48 crore has been seized along with other documents & disks etc.
The documentary evidence collected and examined so far shows undeclared property transactions of more than Rs. 41 crore, primarily in the Kashmir valley and concealed financial transactions of nearly Rs. 17 crore.
Number of hard disks have also been seized that prima facie corroborate the evidence found in seized documents. Their analysis is likely to lead to 3rd parties that have indulged in property & financial transactions that have been deliberately concealed from the tax authorities.
ITD Operations were against a prominent LOC trader, a big land & property broker of Srinagar, a hotelier & retailer of liquor of the Kashmir Valley and family business of another popular business group in Jammu & Katra among others.