Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

Income Tax Department carries out searches in Jammu & Kashmir

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Income Tax Department carries out searches in Jammu & Kashmir - News and Press Release Dated:- 17-9-2020 - News - The Income Tax Department carried out a search and seizure operation on a prominent Hotelier, owning a chain of Hotels at Srinagar, Gulmarg, Sonamarg and Pahalgam with another hotel under construction at Leh. Various incriminating documents and materials evidencing unexplained in .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... vestments in immovable properties, construction of hotels and residences aggregating to ₹ 25 crore in the last six financial years have been seized during the search, though he has not paid any tax since A.Y. 2014-15. Almost all these investments are in cash and outside the known sources of income. During the course of the search operation, receipt of unsecured loans to the tune of ₹ .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ; 25 crore in the past two years from persons of no-means has been found. All these loans are prima-facie not genuine, as the same have been advanced by persons with doubtful creditworthiness. The search also revealed that the assessee s children are studying in USA on whom expenditure of approximately ₹ 25 lakh/annum is being incurred. The expenditure on account of education in USA prima .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... -facie appears to be unexplained/undisclosed. Further, the assessee is also running a B-Ed College as a Trust alongwith his mother. The Trust in not registered and no return is being filed for the Trust though it has substantial taxable income. The assessee has also admitted to having incurred expenditure of ₹ 40 lakh on renovation of his residential house. During the investigations a ban .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... k locker has also been found, which has been put under restraint. The Department also carried out searches in another case of a prominent jeweller in Srinagar. During the search, it was found that he had not maintained books of accounts of the jewellery business even though the turnover is of the range of ₹ 2 crore to ₹ 10 crore in the earlier years. The search has revealed that .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... an undeclared bank account was maintained by the assessee with deposits running into crores of rupees, which has not been offered to tax. He also sold immovable property of ₹ 1.90 crore in Srinagar in Financial Year (FY) 2015-16, capital gains tax on which has not been paid. During the search, documents were found, revealing receipt of sum of ₹ 16 lakh in cash as Pagri by the asse .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ssee in FY 2019-20 at the time of leasing of one of the shops. This transaction is in violation of provisions of Section 269SS of the Income-tax Act, 1961 . This fact of receiving cash of ₹ 16 lakh has been admitted by the assessee as well as the lessee. The payment of Pagri of ₹ 16 lakh is also out of undisclosed income of the lessee. The search also revealed that sale of a flat .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... in Delhi was made by the wife of the assessee in F.Y. 2019-20 of ₹ 33 lakh. During the search, it was seen that no capital gains has been paid on the above sale. Further, out of the sale consideration of ₹ 33 lakh, ₹ 13 lakh has been received in cash in violation of provisions of Section 269SS of the Income-tax Act, 1961 . The source of investment of buyer also seems prima-fa .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... cie undisclosed, which is being investigated. The search also revealed that the daughter of the assessee was studying abroad and the expenditure on account of the same prima-facie appears unexplained/undisclosed. Further investigations are in progress. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates