*More real estate companies on radar, action imminent
Mohinder Verma
JAMMU, Oct 17: Indicating that hawk’s eye is being maintained on the booming real estate business in Jammu and Kashmir, Income Tax Department today carried out surveys in the premises of Muqaddar Development Corporation in different parts of Jammu and offices of Star Housing and Certified Properties in Jammu as well as Srinagar. During the course of action, the IT sleuths laid hands on several incriminating documents indicating large-scale concealment of income.
Official sources told EXCELSIOR that on the basis of credible information from the field officers, the sleuths of Income Tax Department, J&K Circle under the close supervision of Commissioner A K Thatai launched simultaneous surveys in the premises of Muqaddar Development Corporation owned by Ravinder Sawhney and his son Muqaddar Sawhney and their other business establishments including a finance company and Shanti Kunj Apartments in Sainik Colony area.
The surveys, which were started in the afternoon continued till mid-night with the IT sleuths laying hands on several incriminating documents indicating concealment of income from all the businesses particular real estate, sources said.
“During the course of survey, it came to fore that Star Housing and Certified Properties owned by one Rekha Khajuria was doing marketing for the apartments of Muqaddar Development Corporation as such its offices at Jammu and Srinagar were also surveyed”, they informed, adding from both the offices of Star Housing and Certified Properties several incriminating documents relating to Ravinder Sawhney Group and Muqaddar Development Corporation were also impounded”.
“The initial scrutiny of the documents revealed that concealment of income was more in case of group’s Shanti Kunj Apartments as compared to other businesses”, they further said, adding “the exact concealment would be calculated by the IT sleuths within next day or two after detailed examination of the seized documents”.
The business premises of Ravinder Sawhney and Muqaddar Sawhney, which were surveyed by the Income Tax Department includes finance company at Kanak Mandi, Shanti Kunj Apartments on Chowadi Road in Sector C of Sainik Colony and an under construction house at Gandhi Nagar, sources informed.
In response to a question, sources said that Star Housing and Certified Properties was engaged by the Muqaddar Development Corporation for sale of Shanti Kunj Apartments in Jammu and other real estate properties in Srinagar. “Muqaddar Development Corporation was concealing the income which was being generated from the sale of apartments”, they said, adding “major part of the each apartment’s cost was being taken in cash and kept out of the accounts books in order to evade income tax”.
“Only some portion of apartment’s cost was being reflected in the agreement in order to dodge the Income Tax Department”, sources said, adding “the persons, who had intentionally kept part of apartment’s cost out of the agreement and paid in cash, have also evaded the income tax and this aspect will also be looked into by the IT Department during the scrutiny of the seized documents”.
They said that by initiating action against Muqaddar Development Corporation and Star Housing and Certified Properties the Income Tax Commissioner has conveyed that department was maintaining hawk’s eye on the booming real estate business in Jammu and Kashmir.
“On the basis of credible information from the field officers, the department has prepared a list of real estate developers and they may fall in the dragnet of the department in near future”, sources added.
It is pertinent to mention here that IT Commissioner A K Thatai, in his recent statement, had given hint that department was closely monitoring transactions in the real estate business and may initiate action against those indulging in tax evasion.
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