Income Tax Department strikes again in J&K Region
The Income Tax Department conducted search and seizure operations today on a prominent business group based in Srinagar, covering 8 premises in Srinagar and 1 each at Bangalore and Delhi. The assessee group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir Arts & Crafts etc.
None of the members of the group is regular in filing their Income Tax Returns. As a one time settlement, the group has got their loans of Rs 170 crores with J&K Bank restructured for a sum of Rs 77 crores, out of which, payment of only Rs 50.34 crores to the J&K Bank has been made so far and balance of Rs 27.66 crores is yet to be paid. During the search, evidence has been detected indicating that the one time settlement of the loan from J&K Bank has been done through the active connivance of a senior J&K Bank officer who was receiving several out of turn promotions. Furthermore, evidence has also been unearthed indicating that the repayment of Rs 50.34 crores pertaining to the said loan has been greenfielded by the J&K Bank by granting loan of similar amount to an associate who has confessed to his role in layering the entire transaction.
During the search, incriminating evidence has also been found relating to:
During the search, digital evidence found has been seized, analysis of which is in progress.