Srinagar, October 22: The Income Tax Department carried out raids and searched 15 premises of a major business group, fourteen in Srinagar and one in Delhi, which is engaged in multiple businesses including real estate, construction and renting of commercial and residential complexes in Srinagar, hotel industry, handicrafts, carpet trading etc.
The search has led to a seizure of unaccounted cash amounting to Rs 1.82 crore and jewellery/bullion worth Rs 74.00 lakh followed by a total undisclosed investments and cash transactions of Rs 105 crore of the group have been unearthed during the search.
Pertinent to mention here that the group owns a huge mall of 75,000 sq. ft. in Srinagar. However, the corresponding Income Tax returns have not been filed. The land was acquired under the Jammu and Kashmir State lands (vesting of ownership to the occupants) Act, 2001, known as Roshni Act from the State Govt at a throwaway price. The search has uncovered evidences of unexplained investment of more than Rs 25.00 crore in this mall.
The group is also constructing 6 residential towers in Srinagar, out of which 2 towers of around 50 flats each, have already been completed and remaining are under construction, for which also income tax returns have not been filed. Prima facie, there is an unexplained investment of Rs 20.00 crore in this projec followed by a school under a trust which is not registered under the Income Tax Act, 1961.
Further investigation is in progress.
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