Shoving off the curse of terror funding, IT Dept raids places in J&K seizes property worth Rs 41 crore

Uncovering the ill fate of corruption lingering in the country, India has fought hard to get out of the curse. Continuing its fight against corruption and its crackdown on terror funding in Jammu and Kashmir, the Income Tax department on March 15 conducted searches at five locations in the Kashmir Valley along with a few places in Jammu.

The Income Tax Dept undisclosed cash worth Rs 1.44 crore and unaccounted jewellery worth Rs. 2.48 crore was seized during the searches. The documentary evidence collected and examined so far shows undeclared property transactions of more than Rs 41 crore, primarily in the Kashmir Valley and concealed financial transactions of nearly Rs 17 crore.

A large number of hard disks have also been seized according to I-T department officials that prima facie corroborate the evidence found in the seized documents. Central Board of Direct Taxes officials said that these operations significantly “send a message of deterrence to those intending to vitiate the democratic process of free and fair elections.”

READ:- Shoving off the curse of terror funding, IT Dept raids places in J&K seizes property worth Rs 41 crore

During the raids, documents of transactions in the names of some of the proxies were discovered. Investigations are underway to determine the clandestine cross-LOC trades conducted by the tax evader through the Custodian of the Trade Facilitation Center, Srinagar.

In a plunge at multiple points, a big land and property broker of Srinagar was also raided on March 15. Tax officials say that the broker allegedly used to facilitate absorption of unaccounted cash of terror supporters in the Valley in real estate and immoveable properties in and around Srinagar. A large cache of documents that shows property transactions in cash on the power of attorneys have been found from the residence of this broker.

Evidence of a series of land transactions unearthed by the department has revealed that Rs 4.21 crore earned was completely concealed from the tax and other regulatory authorities.

Tax department records show that the broker has never filed any income tax return. From his residential premises, 2 hard disks have also been seized containing details of transactions in property undertaken by different persons through the broker. I-T officials say that follow up action will be taken against both sellers and buyers of these properties, who have not shown the source of income to buy the property and neither paid any capital gains tax on its sale.


Leave a Reply

Your email address will not be published. Required fields are marked *