Tax Dept. conducts search action on Srinagar based group; undisclosed transaction of Rs. 105 crore unearth

Press Release, dated 22-10-2020

The Income Tax Department has carried out search and seizure actions on a group of three assessees, based in Srinagar. The group is engaged in multiple businesses including real estate, construction and renting of commercial and residential complexes in Srinagar, hotel industry, handicrafts, carpet trading, etc.

The search has led to a seizure of unaccounted cash amounting to Rs. 1.82 crore and jewellery/bullion worth Rs. 74.00 lakh. Total undisclosed investments and cash transactions of Rs. 105 crore of the group, have been unearthed during the search.

An engineering consultant firm, which had valued almost all immovable properties of the assessee group, was also covered under the search. It has been found that this firm has not filed any income tax return, even though more than 100 valuations have been done by it, with consultancy receipts of more than Rs. 4.00 crore, in the last six financial year.