I-T department searches 40 premises of Kashmir’s prominent business group

Incriminating documents, handwritten diaries, and digital devices have been seized; variation in stock has been noticed in various factories and retail outlets, say officials

Published - October 12, 2023 05:58 am IST - SRINAGAR

Teams of the Income Tax (I-T) department conducted searches at over 40 premises belonging to a business group in Kashmir and Delhi, officials said on Wednesday.

“During the search operation, incriminating documents, handwritten diaries, and digital devices have been seized. Variation in stock has also been noticed in the various factories and retail outlets. Evidence of undisclosed investments in immovable properties located in the Kashmir Valley of more than ₹50 crore has also been found from various premises,” an I-T department spokesman said.

Officials said more than 40 premises were searched in Srinagar, Sopore, Budgam, Sonamarg, Pulwama in the Kashmir Valley and in Delhi. The premises belonged to a prominent business group engaged in various sectors such as cement, steel, glass, plywood, real estate, tourism, textiles and healthcare, etc.

According to the I-T officials, the group has been suppressing its taxable income by grossly under-reporting its sales in the cement sector by more than ₹60 crore over the past several years.

Evidence seized

“In this regard, evidence in the form of cash vouchers and sales invoices has been seized, which is found to have not been recorded in the books of account. Similarly, evidence of undisclosed sales in the books of account exceeding ₹50 crore in textile and plywood sectors has also been found,” they said.

In the real estate business of the group, being carried out in Kashmir and Delhi, suppression of receipts in the books of account are estimated to be about ₹10 crore, they added.

The I-T department said the search action had resulted in the seizure of unaccounted cash exceeding ₹1.70 crore. In addition, unaccounted bullion worth ₹16 lakh had been seized. Further investigations are in progress, it said.

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