The income tax department carried out simultaneous search and seizure operations against three prominent businessmen in Srinagar and Kupwara on Wednesday.
"These operations have prima facie led to the detection of a huge amount of undisclosed income, seizure of unaccounted assets and incriminating evidence and involvement in Benami transactions by these three groups," the Central Board of Direct Taxes (CBDT) said in a release.
The search operation revealed that the key person of one of the groups, although engaged in cross-LoC trade until it was suspended by the government in April 2019, has not filed his income tax returns.
"He was also found to have two active PANs. His proprietary concern has made exports of over Rs 25 crore in the last few years. However, no income tax has been paid at all. Incriminating documents related to the LoC trade have been seized from the custodian of cross-LoC trade, indicating large-scale tax evasion. There is also evidence of unexplained expenditure on the education of his daughter in Pakistan," the release added.
In another case, a person and his brother were engaged in cross-LoC trade until the suspension of trade by the government, the CBDT said.
The accused made the total exports of Rs 3 crore in the last two years, even as he filed his income tax return for only one year and that too, by showing meagre receipts. The filed income tax return does not match the credits in multiple bank accounts which run into crores of rupees.
Further, evidence showing illegal trade in violation of suspension of cross-LoC trade has been found. The passport of the assessee reveals that he had travelled to Pakistan for 20-25 days every calendar year since 2017 and the source of expenditure on this account is prima-facie unexplained, the CBDT said.
In another development, the CBDT revealed that a group was engaged in cross-LoC trade of vegetables and fruits.
According to it, unaccounted cash of Rs 15 lakh has been seized. The transaction of multiple concerns of the group have not been reflected in their income tax returns.
The CBDT has seized documents pertaining to the unaccounted business transactions of about Rs 10 crore from a person in this group who is a non-filer.
In another case, one of the partners in the firm admitted that his name was only being used, though he was not involved in any activity. The matter is being examined with the Benami transactions angle, the release added.
Further investigation is going on in the case.
( With inputs from ANI )
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