Jammu, Oct 11: The Income-Tax department has detected undisclosed income worth crores of rupees after it conducted searches against a Jammu and Kashmir-based business group engaged in various sectors, such as cement, steel, glass, plywood, tourism and healthcare, among others.
The Central Board of Direct Taxes issued a statement, saying it covered 40 premises in the Srinagar, Sopore, Budgam, Sonmarg and Pulwama areas of the Kashmir valley, apart from Delhi, after the raids were launched on Monday.
Incriminating documents, hand-written diaries and digital devices were seized during the searches, it said & variation in stock has also been noticed in the various factories and retail outlets.
Evidence of undisclosed investments in immovable properties located in Kashmir valley of more than Rs 50 crore has also been found from various premises,” the CBDT said.
Similarly, evidence of undisclosed sales in the books of account exceeding Rs 50 crore in the textile and plywood sectors has also been found, the CBDT said & in the real estate business of the group, being carried out in Kashmir and Delhi, documents with regard to the receipt of on-money have been recovered.
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