Income Tax Department conducts searches in J&K and Punjab



Quick Summary
The Income Tax Department has conducted search and seizure operations targeting dry fruit processing and trading businesses in Jammu & Kashmir and Punjab. Incriminating documents and digital evidence suggest significant inflation of purchase costs and receipt of unaccounted cash. One business was found to be maintaining a parallel set of books, and excess stock worth £40 crore was discovered. The department also found that claims for deduction under section 80IB of the Income-tax Act were not genuine, estimated at around £30 crore. The operation resulted in the seizure of £63 lakh in unaccounted cash and £2 crore in jewellery, with 14 bank lockers restrained, leading to the detection of over £200 crore in undeclared income.

The Income Tax Department carried out search and seizure operationson 28.10.2021 in the cases of persons engaged in the business of processing trading of dry fruits. During the search operations, many incriminating documents including digital evidence were found and seized indicating that the assessee group has been inflating purchases of dry fruits exorbitantly over the years. Seized evidences also support the fact that unaccounted cash has been received back by the directors of the group a
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1999
(Excl. of GST ₹359)

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3499
(Excl. of GST ₹629)

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4999
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FAQ :

The Income Tax Department carried out search and seizure operations on 28.10.2021.

The operations targeted individuals and groups engaged in the business of processing and trading dry fruits.

Incriminating documents, digital evidence, parallel sets of books of accounts, and evidence of unaccounted cash receipts were found.

The search action led to the detection of unaccounted income exceeding £200 crore.

Unaccounted cash of £63 lakh and jewellery worth £2 crore were seized, and fourteen bank lockers were placed under restraint.

Yes, the claim of deduction under section 80IB of the Income-tax Act, 1961, was found to be not genuine for one of the groups, estimated at around £30 crore.




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Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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