Crackdown on terror funding in Kashmir: Intensifying its action against terror funding and money laundering in the state of Jammu & Kashmir, the Income Tax department raided 5 more locations in and around capital Srinagar on Thursday.
Two groups, that connived with local officials in concealing the undisclosed income of suspected persons were the target of income tax department’s crackdown.
“The two groups helped absorption of undisclosed incomes of undesirable elements in shops, buildings and land were searched,” income department said in a statement.
“Investigations revealed that 76 shops built by Srinagar Development Authority for resettlement of vegetable and fruit vendors were sold off to influential and cash rich disrupters at a huge premium,” said the income tax department.
Department said that one person was a self-proclaimed chairman of the Vegetable Vendors Union, Batamaloo.
Income Tax raids unearthed unaccounted financial transactions of Rs 11 crore and undeclared investment of more than Rs 19 crore in immovable property in and around capital Srinagar.
“None of the persons covered in the search actions has filed an income tax return,” said the department in an official statement adding that it will initiate criminal prosecution for willful attempt for evading taxes and deliberate non-filing of tax returns.