IT dept seizes cash and properties worth crores after raids in J&K

IT dept seizes cash and properties worth crores after raids in J&K

New Delhi, In a major crackdown on the tax evaders in Jammu and Kashmir, the Income Tax Department on Friday 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, they have 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 Income Tax Dept commissioner Surabhi Ahluwaliya said a statement here today. Number of hard disks have also been seized that prima facie corroborate the evidence found in the seized documents. Their analysis is likely to lead to identification of third parties that have indulged in property and financial transactions that have been deliberately concealed from the tax authorities.

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