Income Tax

ITD conducted search in Kashmir Valley -undisclosed cash/jewellery and property found

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.

Share

Recent Posts

  • Income Tax

AO can’t take two different stands on immunity u/s 270AA(2) for a same transaction

Immunity u/s 270AA(2) in respect of a single transaction can not be denied to one assessee when the penalty was…

1 hour ago
  • Income Tax

ITAT held 2000 gram jewellery reasonable in view of customary practices & CBDT Instruction

ITAT deleted addition u/s 69A towards jewellery found in search in view of Indian traditions, CBDT Instruction and High Court…

19 hours ago
  • Income Tax

Documents obtained post search & information obtained from public domain not incriminating material

Documents obtained post search and information obtained from the public domain not incriminating material. Documents obtained by AO post search…

2 days ago
  • Income Tax

No second reopening for unexplained credits in bank due to bank’s name change

Information of deposits in bank did not constitute fresh information necessitating second reopening due to change in bank name In…

2 days ago
  • Empanelment

FDCM invites application for empanelment of practising CAs/ Chartered Accountant Firms

Invitation For Empanelment Of Practising Chartered Accountants / Chartered Accountant Firms Forest Development Corporation of Maharashtra Limited (FDCM Limited), Nagpur,…

1 week ago
  • Empanelment

PGRI invites application for CAs for empanelment for Circulation Verification work

Press Registrar General of India (PGRI) invites application for empanelment of Chartered Accountants. The Press Registrar General of India manages…

1 week ago