[ad_1]
New Delhi:
The Income Tax Department on Wednesday carried out raids towards three “prominent” businessmen primarily based in Srinagar and Kupwara in Jammu and Kashmir on prices of tax evasion linked to the cross-border commerce with Pakistan, which was suspended by India final yr, officers stated.
“These operations have led to detection of a huge amount of undisclosed income, seizure of unaccounted assets and incriminating evidence and involvement in benami transactions by these three groups,” the Central Board of Direct Taxes (CBDT) stated in a press release.
While the assertion didn’t determine these searched, sources stated these raided embrace Hilal Ahmed, Ghulam Rasool Magray and Ishfaque Dar.
The CBDT, which frames coverage for the revenue tax division, stated it discovered that whereas in sure circumstances no revenue tax returns have been filed by the businessmen, in some circumstances there have been discrepancies within the returns.
Incriminating paperwork associated to commerce alongside the Line of Control (LoC) have been seized from the custodian of cross-LoC commerce, indicating large-scale tax evasion, it stated.
“The search action revealed that the key person of one of the groups, although engaged in cross-LoC trade until the suspension of trade by the government in April 2019, has not filed his tax returns. He was also found to be having two active permanent account number (PAN) cards,” the assertion stated.
His agency made exports of over Rs 25 crore in the previous few years, however no revenue tax has been paid in any respect, the assertion stated. “There is also evidence of unexplained expenditure on the education of his daughter in Pakistan,” it stated.
In one other case, the raided businessman and his brother have been engaged in commerce they usually “had made total exports of Rs 3 crore in the last two years.”
“He (the main businessman) had filed his income tax return for only one year and that too showing meagre receipts,” it stated, including the tax return doesn’t match with the credit in a number of financial institution accounts which run into crores of rupees.
Evidence exhibits “illegal trade in violation of suspension of cross LoC trade” has been seized, it stated. The passport of the taxpayer reveals that he travelled to Pakistan for 20-25 days yearly since 2017 and the supply of expenditure on this account is unexplained, it added.
The third enterprise group is engaged in cross-LoC commerce of greens and fruit. “In this case, unaccounted cash of Rs 15 lakh has been seized. The group is having multiple concerns. However, transactions of these concerns have not been reflected in their tax returns,” it stated.
In the case of an individual associated to this group, who’s a non-filer, paperwork pertaining to unaccounted enterprise transactions of about Rs 10 crore have been seized, it stated.
In one other case of a agency, it stated one of many companions within the agency has admitted that his identify was solely getting used and he was not concerned in any exercise of the agency.
[ad_2]
Source hyperlink