Kashmir (Jammu and Kashmir) [India], October 11 (ANI): The Income Tax (IT) Department conducted a search and seizure operation in the Kashmir Valley on a prominent business group, engaged in various sectors namely, Cement, Steel, Glass, Plywood, Real Estate, Tourism, Textiles and Healthcare, etc, on Monday, an official statement said on Wednesday.

More than 40 premises were covered in Srinagar, Sopore, Budgam, Sonmarg, and Pulwama areas of Kashmir Valley and Delhi, it added.

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As per the official statement, during the search operation, incriminating documents, handwritten diaries, and digital devices were seized. Variation in stock was also 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."Investigations so far have shown that the group has been suppressing its taxable income by grossly under-reporting its sales in the cement sector by more than Rs 60 crore over the past several years. In this regard, evidence in the form of cash vouchers and sales invoices has been seized, which is found to have not been recorded in the books of account. 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 statement read. "In the real estate business of the group, being carried out in Kashmir and Delhi, documents evidencing the receipt of on-money have been recovered. Such suppression of receipts in the books of account is estimated to be about Rs 10 crore", it added. The key person of the group has admitted the above modus operandi being followed for the generation of undisclosed income, as per the official release. "The search action has resulted in the seizure of unaccounted cash exceeding Rs 1.70 crores. In addition, unaccounted bullion worth Rs. 16 lakh has also been seized", it said. (ANI)

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