IT department conducts search and seizure operation in Srinagar
Income Tax Department has carried out a search and seizure operation on a gaggle working the largest non-public Multi-speciality Hospital in Srinagar with greater than 100 beds. Seven premises together with 4 residential premises, all in Srinagar, have been coated in the search. The core enterprise of the group consists of working of the Hospital, Real Estate and Trading of Household Consumables.
Ministry of Finance in an announcement stated that the group has made unaccounted property transactions of greater than 100 crore rupees in money because the fiscal 12 months 2013-14 onwards.
The funds and investments made by banking channels by the consumers of plots are additionally beneath investigation as prima-facie verification has proven that the investments haven’t been made utilizing tax-paid earnings. Thus, taxes shall be leviable not solely on the vendor group however the consumers additionally, relying on the info of the instances. The Ministry stated, there’s substantial default of TDS on nearly all purchases and gross sales of plots.
Further, the search has additionally revealed substantial evasion of stamp obligation and proof of assorted Benami Properties has additionally been unearthed and seized in the course of the search. Further investigations are in progress.