Quick Summary
Income Tax Department conducted a search seizure operation on 19.02.2021, on a group running the biggest private Multi-speciality Hospital in Srinagar with more than 100 beds. Seven premises including 4 residential premises, all in Srinagar, were covered in the search. The core business of the group includes running of the Hospital, Real Estate Trading of Household Consumables. The group is in the practice of buying large chunks of lands in piecemeal and aggregating them. Thereafter, it
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FAQ :
The Income Tax Department conducted the search and seizure operation on 19.02.2021.
The search was conducted on a group running the biggest private multi-speciality hospital in Srinagar, with core businesses in hospital operations, real estate, and trading of household consumables.
The search was conducted due to suspected tax evasion, including unaccounted property transactions exceeding Rs.100 crore in cash and suppression of hospital receipts.
Evidence seized includes documents showing over 50% of property sale consideration received in cash, details of unaccounted property transactions, evidence of TDS default, information on stamp duty evasion, details of gifted plots not offered for tax, cash purchases violating tax norms, evidence of Benami properties, suppressed hospital receipts, cash payments to doctors, cash, jewellery, bullion, and one sealed bank locker.
Yes, buyers of properties may also face tax implications as investments made through banking channels are under investigation to determine if they were made using tax-paid income.
Yes, violations included cash purchases of household consumables exceeding Rs.10,000 in a single transaction, failure to declare gifted plots as income, and substantial default of TDS on land/plot transactions.
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