Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
»
1-min read

IT Dept Unearths Undisclosed Cash and Properties Worth Crores in J&K

The tax department further said one operation was against a prominent Line of Control (LOC) trader who apparently used proxies to conduct large cross-LoC trade in the past six years.

PTI

Updated:March 15, 2019, 10:59 PM IST
facebookTwitterskypewhatsapp
IT Dept Unearths Undisclosed Cash and Properties Worth Crores in J&K
Picture for Representation.
Loading...

New Delhi: In a major crackdown on terror financing, the Income Tax Department on Friday said it has unearthed undisclosed cash, jewellery and property papers worth several crores in Jammu and Kashmir.

Search operations were conducted at five locations in Kashmir valley and a few places in Jammu on Thursday, the department said in a statement.

"These actions are part of the Department's continued drive against use of black money by disruptive elements in the state. The operations also send a message of deterrence and obviation to those intending to vitiate the democratic process of free and fair elections," it said.

The tax department further said one operation was against a prominent Line of Control (LOC) trader who apparently used proxies to conduct large cross-LoC trade in the past six years.

"Large undisclosed profit earned by him has been diverted to allegedly suspect elements in the Valley. During the action, documents of transactions in the names of some of the proxies were found. Investigations are in progress to determine the clandestine cross-LOC trade conducted by the tax evader through the Custodian of the Trade Facilitation Centre, Srinagar," it said.

The tax department also said the preliminary results of the search operation are extremely encouraging. In the aggregate, undisclosed cash of Rs 1.44 crore and unaccounted jewellery of Rs 2.48 crore have been seized.

The documentary evidence collected and examined so far shows undeclared property transactions of more than Rs 41 crore, primarily in the Kashmir valley and concealed financial transactions of nearly Rs 17 crore.

A number of hard disks have also been seized that prima facie corroborate the evidence found in the seized documents, the department said.

The department also covered a hotelier and a retailer of liquor in the Kashmir valley.

Evidence found in search shows that he has been earning large undisclosed profits on the sale of liquor as well as from his hotel business and he has not shown cash receipts in his books of account.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results