Mohinder Verma
JAMMU, Oct 31: Laying hands on yet another tax evador, the Income Tax Department today carried out surveys in the premises of a Military Engineering Service (MES) contractor and detected concealment of income and subsequent large scale investment in the real estate business. However, the IT sleuths would be able to work out the exact amount of evasion on completion of scrutiny of impounded documents, which is likely by tomorrow evening.
This was the fourth survey of the Income Tax Department during the past nearly two months and this time also the Department is expecting surrender of significant amount of undisclosed income. The earlier surveys in Jammu, Ramban and Srinagar had yielded Rs 11.45 crore.
Official sources told EXCELSIOR that MES contractor Pradeep Kumar Jain, who is also the Managing Director of M/s Pradeep Electricals Pvt Limited at Gandhi Nagar, was on the radar of the Income Tax Department during the past quite sometime as the close monitoring of his returns during the past 3-4 years and apparent investments in real estate were clearly indicating that he was indulging in evasion of tax.
“After gathering substantial information about his indulgence in evasion of tax, the IT Department decided to carry out surveys in the premises of MES contractor and accordingly sleuths of the Department started simultaneous surveys in M/s Pradeep Electricals Pvt Limited and under construction premises in Gandhi Nagar area”, sources said while disclosing that during the surveys, which continued till late tonight the IT sleuths laid hands on several incriminating documents.
During preliminary scrutiny of the impounded documents and books, it came to fore that Pradeep Kumar Jain was concealing his exact income and subsequently using the undisclosed income in the real estate business. “Majority of the investments in real estate business were found out of the books and income tax returns during the past 3-4 years were on very lower side”, sources said.
“Pradeep Kumar Jain is also having construction business in Leh-Ladakh and the possibility of his having kept the income from such business activities out of the books cannot be ruled out”, sources said, adding “if found necessary the Income Tax sleuths would also bring Pradeep Kumar Jain’s partner(s) in the real estate business under the ambit of survey”.
In response to a question, sources said, “the exact amount of evasion would be worked out by the Income Tax Department only after its sleuths complete the detailed scrutiny of the impounded documents and record the statement of Pradeep Kumar Jain”.
This was the fourth survey of the Income Tax Department during the past nearly two months. The beginning of surveys in the premises of tax evadors was made on September 9 when five premises of two prominent jewelers of Jammu were inspected and the action on the part of IT sleuths led to surrender of Rs 8.35 crore.
The second survey was carried out in four premises in Ramban town, which yielded surrender of Rs 2.50 crore undisclosed income. The third survey was recently carried out in Jehan Agencies in main market of Srinagar city.
Following the survey, Jehan Agencies dealing in hardware items surrendered Rs 60 lakh undisclosed income. “Some more tax evadors in Srinagar and other parts of Kashmir valley are also on the radar of Income Tax Department and possibility of department laying hands on them in near future cannot be ruled out”, sources said.
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