Mohinder Verma
JAMMU, Oct 17: Following Income Tax surveys, a family having luxurious hotel and three jewelry shops in the heart of Ramban town today surrendered Rs 2.50 crore undisclosed income on the basis of preliminary scrutiny of the accounts books and other documents of financial transactions impounded by the IT sleuths. With this, the total surrender of unaccounted income made following two surveys conducted during the past one month has gone up to Rs 10.85 crore.
Official sources told EXCELSIOR that during the preliminary scrutiny of the documents impounded from Hotel Ramban Regency, Verma Jewellers, Nath Jewellers and Kanav Jewellers, the Income Tax Department detected concealment of Rs 2.50 crore income and accordingly the statements of the owners of these establishments were recorded. Subsequently, the group surrendered the undisclosed income.
“The major portion of the concealed income was invested in the realty sector—for purchasing immovable property in Jammu and Ramban and investment in Hotel Ramban Regency”, sources disclosed, adding “the group was concealing the income generated from the trading of gold and silver ornaments and was even manipulating the stocks in order to avoid payment of tax. During the survey, unaccounted investment was detected in the stocks of gold and silver jewelry”.
In response to a question, sources said, “the Income Tax Department is not going to close the case following surrender of Rs 2.50 crore and the scrutiny of the impounded documents would continue in order to unearth more concealment”.
By carrying out successful surveys for the first time in Ramban like area, the Income Tax Department has made it clear to everybody that it has started maintaining hawk’s eye on the attempts to evade tax in all the district headquarters of the State. “This is also an indication that in the near future the department would be exclusively focusing on areas other than Capital cities to tighten noose around the tax evadors”, sources added.
During the past one month, the surveys in nine premises—four in Ramban and five of two prominent jewellers in Jammu have yielded surrender of Rs 10.85 crore. Following surveys in their five premises on September 9, two prominent jewellers of Jammu had surrendered Rs 8.35 crore. “This clearly indicates that businessmen have not mend their ways and continue to indulge in tax evasion despite repeated words of advise and caution from the Income Tax Department”, sources added.
When contacted, Income Tax Commissioner, J&K Circle, A K Thatai confirmed surrender of Rs 2.50 crore by the group, whose four business establishments were surveyed by the Department yesterday.
“I am not happy with the tax receipts particularly from the holy town of Katra where despite boom in the businesses of all sorts there is no improvement in the payment of Income Tax”, Mr Thatai said, adding “massive construction activities particularly keeping in view the arrival of train in holy town of Katra early next year have been going on in different parts of town but still businessmen are reluctant to pay taxes in commensurate to their income”.
He advised the hoteliers and other businessmen of Katra to voluntarily come forward and pay tax in commensurate to their income otherwise the Department would be left with no other option but to knock at their doors.
In response to a question about any strategy about tightening noose around tax evadors in other parts of the State, the IT Commissioner said, “the sleuths of department are continuously monitoring the business activities in all parts of the State and action would be taken at appropriate time”. He, however, hoped that people would pay heed to the appeals of the Department and strictly adhere to their legal obligation of paying taxes in commensurate to their exact income.
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