IT Department has seized Rs. 1.44 crores cash & more during the search operation in Kashmir Valley
Income Tax Dept has conducted searches at 5 locations in J&K region on 14th March 2019. The actions were a part of Department's continued drive against the use of black money to prevent financing of any illegal activities in the State. Also, to send a message of deterrence to those intending to vitiate democratic process of free & fair elections.
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 were covered in the search operations. Large scale of tax evasion was 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.