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Income Tax Department conducted a search and seizure operation in the Kashmir Valley on a prominent business group, engaged in various sectors namely, Cement, Steel, Glass, Plywood, Real Estate, Tourism, Textiles and Healthcare, etc. on 09.10.2023. More than 40 premises were covered in Srinagar, Sopore, Budgam, Sonmarg, Pulwama areas of Kashmir Valley and at Delhi. During the search operation, incriminating documents, hand written diaries, and digital devices have been seized. Variation in st
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FAQ :
The Income Tax Department conducted a search and seizure operation.
A prominent business group engaged in sectors such as Cement, Steel, Glass, Plywood, Real Estate, Tourism, Textiles, and Healthcare was targeted.
More than 40 premises were covered in the search operation.
Incriminating documents, hand written diaries, digital devices, unaccounted cash exceeding £1.70 crore, and unaccounted bullion worth £16 lakh were seized.
The group was found to be suppressing taxable income by under-reporting sales, particularly in the cement sector by over £60 crore. Evidence of undisclosed sales in textile and plywood sectors exceeding £50 crore, and undisclosed investments in real estate of over £50 crore were also found.
Yes, the key person of the group admitted to the modus-operandi being followed for the generation of undisclosed income.
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