Income Tax Dept conducted searches at 5 locations in Jammu & Kashmir region on 14/3/19. The actions are part of Deptt’s continued drive against use of black money by disruptive elements in the State; also send message of deterrence 2 those intending 2 vitiate democratic process of free & fair election.
Prominent LOC trader who used proxies to conduct large cross-LOC trade; big land & property broker of Srinagar; hotelier & liquor retailer; popular business group of Jammu & Katra covered in the search operations. Large scale tax evasion unearthed.
Undisclosed cash of Rs.1.44 crore & unaccounted jewellery of Rs. 2.48 crore has been seized. Documentary evidence collected shows undeclared property transactions of more than Rs. 41 crore, primarily in the Kashmir valley and concealed financial transactions of nearly Rs.17 crore.
The recent searches demonstrate the Department’s resolve to continue to hit at terror financing in the J&K region.