In the ongoing raids across Jammu and Kashmir, the Income Tax department has seized around four crore rupees in cash and some jewellery, reports appearing in Jammu newspapers said.
The raids on “residences of major tax evaders” continue in Srinagar and Jammu. It is the first major statewide raid that involves almost 200 IT personnel, reports said.
“They (sources) disclosed that on the second day of action the IT sleuths seized Rs 4 crore cash, large quantity of more jewellery and a large number of incriminating documents from some businessmen in Jammu particularly hoteliers and those dealing in real estate activities,” Excelsior reported. “They further disclosed that around a dozen lockers of these tax evaders in different banks have also been sealed by the Investigation Wing of the department and the same will be operated only by the valuers certified by the Income Tax Department.”
Quoting reports, the newspaper said Income Tax Department has found undeclared property transactions of more than Rs 41 crore and concealed financial transactions of nearly Rs 17 crore in Kashmir valley.
As already reported, around 200 personnel of Investigation Wing of the Income Tax Department from North India are involved in the first ever major crackdown on major tax evaders.
However, a Delhi dateline report about teh raids said the IT seized “undisclosed cash of Rs 1.44 cr and unaccounted jewellery of Rs 2.48 cr during the searches conducted at five locations in Kashmir valley.”
During the raid, the report quoting Income Tax Dept commissioner Surabhi Ahluwaliya said the IT also collected documentary evidence which has shown undeclared property transactions of more than Rs 41cr, primarily in the Kashmir valley and concealed financial transactions of nearly Rs 17 cr, the said a statement here today.
“One operation was against a prominent LoC trader who apparently used proxies to conduct large cross-LoC trade in the past 6 years,” the report said. “In another operation, a big land and property broker of Srinagar was also searched on the same day. He allegedly facilitates absorption of unaccounted cash of undesirable elements of the valley in real estate and immovable properties in and around Srinagar.”
Another report said: “The family business of yet another popular business group in Jammu and Katra region also came under the scanner. The searches at the offices and residences show that the group has routinely conducted a significant proportion of their business in unaccounted cash and the wealth generated has been round-tripped in real estate deals in Jammu and Katra.”
Meanwhile, the Enforcement Directorate has moved a Delhi court on Friday, seeking permission to quiz separatist leader Syed Ali Shah Geelani’s son-in-law Altaf Shah in connection with a terror-funding case involving Lashkar-e-Toiba (LeT) chief and 26/11 Mumbai terror attack mastermind Hafiz Saeed.
The central agency also sought to question Zahoor Watali, an influential businessman and allegedly a friend of Pakistani leaders and Kashmiri separatists, and Naval Kishore Kapoor, a UAE-based businessman.