Mohinder Verma
JAMMU, Sept 19: The Income Tax Department has detected concealment of Rs 10 crore by the Bikano Group while as Kwality Group surrendered Rs 1.05 crore undisclosed income following surveys in their premises. On the other side, Talla Jewelers coughed-up Rs 5.5 crore unrevealed income thereby raising the figure of surrenders by the top jewelers following IT raids in their premises early this month to nearly Rs 30 crore.
Official sources told EXCELSIOR that during the surveys in Jagat and Sahyog Banquet Halls, Bikano Restaurant, medical shop, chit fund company and a trading corporation owned by Ram Lal Gupta and others, the Income Tax sleuths have detected concealment of Rs 10 crore income by the group.
“There are credible proofs indicating that this group was indulging in large scale evasion of the income tax and not paying any heed to the repeated appeals/warnings from the Income Tax Department to the habitual tax evadors to mend their ways”, sources said.
“Though this group didn’t surrender any amount till late tonight yet the department has tightened noose around the owners of the business establishments of the group and if they wouldn’t come forward voluntarily to surrender the concealed income the department would not hesitate from taking action as warranted under the Income Tax Act”, they added.
About the modus operandi of the group in concealing the income, sources said, “major portion of the income being generated from the banquet halls was being kept out of the books and subsequently invested in purchase of properties and renovations”. Similar modus operandi was also being used in Bikano Restaurant, electronic and chemist shops, they added.
In response to a question, sources informed that Kwality Restaurant Group owned by Vinod Kumar Gupta has surrendered Rs 1.05 crore undisclosed income following the IT surveys in its premises.
This group was concealing the income from its business establishments by keeping the same out of the accounts books and making direct investment in the palatial bungalow being constructed in Garden Avenues near B N Charitable Hospital on Canal Road, sources said, adding this group was also found having made investment of concealed income in reconstruction of Kwality Hotel at Canal Road.
“Though this group has surrendered Rs 1.05 crore yet the impounded documents will remain under scrutiny in order to ascertain whether there was more concealment”, sources said.
Responding to another question, they said, “similar surveys by the Income Tax Department are likely in the coming days as after closely analyzing the Advance Tax installment which was due on September 15, the department has prepared a list of assessees, whose Advance Tax has shown declining trend”.
Meanwhile, Talla Jewelers, which was raided by the Investigation Wing of the Income Tax Department early this morning, surrendered Rs 5.5 crore undisclosed income thereby raising the total surrender made by top six jewelers including Talla to Rs 29.69 crore.
Apart from Rs 5.5 crore surrender, the IT Department has also seized Rs 1.75 crore worth unexplained gold and cash from the premises of Talla Jewelers.
Now after completion of entire exercise including operation of sealed lockers the total undisclosed income surrendered by the top six jewelers has gone up to nearly Rs 30 crore, which is considered as the highest ever in Jammu and Kashmir till date.
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