*Investment of huge black money in real estate detected
Mohinder Verma
JAMMU, July 27: For the first time in the history of Jammu, the Income Tax Department has surveyed several premises of a prominent business group and detected investment of huge black money in the real estate. This is the first outcome of the non-compliance of the Income Declaration Scheme of Union Government aimed at unearthing black money as this group was not coming forward in response to the notices issued by the department on the basis of credible data.
Official sources told EXCELSIOR that ever since the start of Income Declaration Scheme from June 1, 2016 the KC Group headed by Raju Choudhary was under the scanner of the Income Tax Department, J&K Circle as the data gathered by the department sleuths from various quarters was clearly reflecting grossly under-reported income by the group having variety of business in various parts of Jammu.
Instead of ensuring compliance to the directives of the IT Department, the KC Group was not forthcoming with the undisclosed income under the impression that the group was having links in the corridors of the power and would go scot free, sources pointed out.
However, the Income Tax Department made up mind to take action against the group as there are clear directions from the Union Finance Ministry as well as Central Board of Direct Taxes to leave no stone unturned to unearth the black money.
A well knit strategy to carry out surveys in all the business premises of KC Group was chalked out yesterday by the Income Tax Department and even police was sounded to extend full cooperation to the IT sleuths so that influential KC Group doesn’t get any opportunity to create hurdle in the surveys, sources said, adding nine different teams were constituted to simultaneously carry out surveys.
The surveys, which started early this morning from Bari Brahmana, where the KC Group of Raju Choudhary is having maximum business establishments, continued till late evening with IT sleuths impounding several incriminating documents indicating investment of black money in the real estate business.
Stating that this group was never surveyed in the past because of being considered as influential one, sources said, “it has also come to the fore that the KC Group never revealed the exact income and every time the same was grossly under-reported”, adding “now following surveys the KC Group would not be able to avail the benefit of ongoing Income Declaration Scheme as the group has already ignored the requests of the IT Department in this regard”.
Now, this group will face all the proceedings under Income Tax Act, sources said while disclosing that this action is the first outcome of non-compliance of Income Tax Department directives on Income Declaration Scheme and more such surveys are likely in near future as there are numerous business establishments which have not come forward to disclose undisclosed income under Income Declaration Scheme till date.
Sources said that by initiating action against KC Group the IT Department has sent a message loud and clear that whosoever fails to ensure compliance to the Income Declaration Scheme will have to face the action as digging out black money is the nationwide crusade launched by the Union Government.
In response to a question, sources said, “the undisclosed income in case of KC Group is likely to run in several crores of rupees keeping in view the incriminating documents impounded by the IT sleuths during the surveys”.
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