Tax Dept. Conducts Search and Seizure Operations in Jammu and Kashmir

Press Release dated 11-10-2023

The Income Tax Department conducted a search and seizure operation in the Kashmir Valley on a prominent business group engaged in various sectors: Cement, Steel, Glass, Plywood, Real Estate, Tourism, Textiles, and Healthcare, etc. on 09.10.2023.

Incriminating documents, handwritten diaries, and digital devices have been seized during the search operation. Variation in stock has also been noticed in the various factories and retail outlets. Evidence of undisclosed investments in immovable properties located in Kashmir Valley of more than Rs. 50 crore has also been found from various premises.

Investigations have shown that the group has been suppressing its taxable income by grossly under-reporting its sales in the cement sector by more than Rs. 60 crore over the past several years. In this regard, various evidences have been seized, which are found to have not been recorded in the books of account.

The search action has resulted in the seizure of unaccounted cash exceeding Rs. 1.70 crore. In addition, unaccounted bullion worth Rs. 16 lakh has also been seized. Further investigations are in progress.

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