Web Hosting
FreeCurrencyRates.com

इंडियन आवाज़     19 Jun 2019 12:52:23      انڈین آواز
Ad

Income Tax Department raids again in J&K Region

WEB DESK

The Income Tax Department today conducted search and seizure operations on a prominent business group based in Srinagar, covering 8 premises in Srinagar and 1 each at Bangalore and Delhi, reports PIB. The assessee group is engaged in the business of transportation, manufacturing of silk yarn, hospitality, retail trading of Kashmir Arts & Crafts etc.

None of the members of the group is regular in filing their Income Tax Returns. As a one time settlement, the group has got their loans of Rs 170 crores with J&K Bank restructured for a sum of Rs 77 crores, out of which, payment of only Rs 50.34 crores to the J&K Bank has been made so far and balance of Rs 27.66 crores is yet to be paid. During the search, evidence has been detected indicating that the one time settlement of the loan from J&K Bank has been done through the active connivance of a senior J&K Bank officer who was receiving several out of turn promotions. Furthermore, evidence has also been unearthed indicating that the repayment of Rs 50.34 crores pertaining to the said loan has been greenfielded by the J&K Bank by granting loan of similar amount to an associate who has confessed to his role in layering the entire transaction.

During the search, incriminating evidence has also been found relating to:

sale of undisclosed property amounting to Rs 22 crores.
agreement to sell Transport business for Rs 9.10 crores.
undisclosed profit of Rs 15-20 crores on account of sale of Cold Storage plant at Lassipora. The cost of this project was found to have been inflated to Rs 47 crores instead of the actual cost of Rs 17 crores, for claiming more subsidy from the government by raising inflated and bogus bills. The loan for this project was taken from J&K Bank.
undisclosed properties at Sonmarg (Rs 2.68 crores), Pahalgam (Rs 3.55 crores) and Bangalore (Rs 1 crore).
one shop in partnership in Delhi purchased for Rs.1.02 crore.
During the search, digital evidence found has been seized, analysis of which is in progress.

Leave a Reply

Your email address will not be published. Required fields are marked *

SPORTS

FIH Series Finals: Indian Women’s Hockey team defeat Fiji to enter semifinals

India thrashed lowly Fiji 11-0 to storm into the semifinals of the FIH Women's Series Finals hockey tournament ...

Bhuvneshwar Kumar ruled out of at least next two World Cup games

    Pacer Bhuvneshwar Kumar has been ruled out of India's, at least, next two World Cup games ...

Women’s FIFA World Cup: Netherlands and Canada enter Round-of-16

In Football, the Netherlands and Canada have entered the Round-of-16 from Group-E at the Women's FIFA World Cu ...

Ad

MARQUEE

116-year-old Japanese woman is oldest person in world

  AMN A 116-year-old Japanese woman has been honoured as the world's oldest living person by Guinness ...

Centre approves Metro Rail Project for City of Taj Mahal, Agra

6 Elevated and 7 Underground Stations along 14 KmTaj East Gate corridor 14 Stations all elevated along 15.40 ...

CINEMA /TV/ ART

Bollywood expresses grief over death of Girish Karnad

AMN / MUMBAI Celebrated filmmaker Shyam Benegal, who directed Karnad in critically-acclaimed films "Manthan ...

Girish Karnad is no more

WEB DESK / Bengaluru Renowned actor, dramatist and Jnanpith awardee Girish Karnad passed away in Bengaluru to ...

Ad

ART & CULTURE

Noted English writer Amitav Ghosh conferred Jnanpith award

    AMN Renowned English writer Amitav Ghosh was conferred the 54th Jnanpith award for the ...

Sahitya Akademi demands Rs 500/- from children for Workshop

Andalib Akhter / New Delhi India’s premier literary body, the Sahitya Akademi, which gives huge awards, p ...

@Powered By: Logicsart