Wednesday, May 22 2019 | Time 14:07 Hrs(IST)
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  • SC stays BJP candidate's arrest till May 28
  • Huge explosion rocks Mogadishu, casualties feared
  • Yemen's Houthi rebels launch fresh drone attack on Saudi Najran airport
  • Local Taliban leader among 16 militants killed in Afghanistan
  • No IED blast on LoC, soldiers injured in training event in Poonch: Army
  • Five militants killed in Eastern Afghan province airstrike
  • 12 Bangladeshi peacekeepers to be honoured by UN on May 29
  • SC to hear Barrackpore BJP candidate petition today
  • Boeing 737 Max: China's top airlines seek compensation
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  • Indian runner Gomathi fails dope test, suspended provisionally
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  • Aurangabad water crisis: 3,163 water tankers supplying water to 50 lakh population
  • EC signs landmark aviation agreements with China

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

New Delhi, Mar 15 (UNI) 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.
The searches were conducted yesterday as part of the continuous drive of Income Tax Dept against the use of black money by disruptive elements in the State.
One operation was against a prominent LOC trader who apparently used proxies to conduct large cross-LOC trade in the past 6 years.
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.
Large cache of documents that show property transactions in cash on power of attorneys have been found from his residence. Evidence of series of land transactions have been unearthed by the Department revealing that Rs. 4.21 crore earned from the same was completely concealed from the tax and other regulatory authorities.
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