*Inputs indicate large-scale use of black-money
Mohinder Verma
JAMMU, Aug 27: The beneficiaries of Jammu and Kashmir State Lands (Vesting of Ownership to the Occupants) Act popularly known as Roshni Scheme have come under the radar of Income Tax Department as information gathered by the taxmen indicates large-scale use of black money in getting the illegally occupied land regularized in the length and breadth of the State.
Official sources told EXCELSIOR that information gathered by the Income Tax Department from different sources has revealed that black-money was used for regularization of huge chunk of land under the Roshni Scheme. “There are specific instances whereby the department has come to know that large number of beneficiaries concealed such investments in their returns submitted to the Income Tax Department”, they added.
“Notwithstanding use of black-money in availing the benefits of the J&K State Lands (Vesting of Ownership to the Occupants) Act, such beneficiaries have yet not come forward to make disclosures under Income Declaration Scheme”, sources said while disclosing that this scheme applies to undisclosed income whether in the form of investment in assets or otherwise pertaining to Financial Year 2015-16 or earlier.
In order to ensure that such beneficiaries of the Roshni Scheme don’t go scot free, the Principal Commissioner of Income Tax, J&K Circle, Sangeeta Gupta, some days back, sent a communication to the Divisional Commissioner, Dr Pawan Kotwal seeking details of the persons, who have availed the benefit of the Roshni Scheme.
“As per the provision of the J&K State Lands (Vesting of Ownership to the Occupants) Act also named as Roshni Scheme large number of occupants have deposited the cost for registration/regularization of the title of the land. In order to examine the cases from income tax point of view, especially under the Income Declaration Scheme, the details of the beneficiaries may be submitted to the Income Tax Department”, reads the communication of Principal Commissioner of Income Tax, J&K, the copy of which is available with EXCELSIOR.
The Income Tax Department has sought complete names, PAN and address of the persons, amount deposited and mode and date of deposit and particulars of property, sources said, adding the department has sought all the details by or before August 30, 2016 so as to process the cases under Income Declaration Scheme, which will conclude on September 30, 2016.
Acting promptly on the communication of the Principal Commissioner of Income Tax, the office of the Divisional Commissioner has dashed a letter to all the Deputy Commissioners with the direction to furnish the requisite information to the Income Tax Department on priority, sources said, adding even the Financial Commissioner (Revenue), Principal Secretary to the Chief Minister and Commissioner Secretary to Government, Revenue Department have been made aware about the information sought by the Income Tax Department so that they too exert pressure for ensuring compliance by the heads of the districts.
It is pertinent to mention here that as per the provisions of the Income Declaration Scheme, where the declaration is in the form of investment in assets, the fair market value of such asset as on June 1, 2016 shall be deemed to be the undisclosed income.
“The Income Tax Department is in the possession of concrete evidences about use of black-money in availing the benefits of Roshni Scheme and if there is no compliance to the Income Declaration Scheme, the department would be left with no other option but to initiate direct action after September 30, 2016 which include surveys, raids and other penal consequences”, sources said.
Making an appeal to those beneficiaries of Roshni Scheme, who had invested black money, an officer of the Income Tax Department said, “they should come forward to avail the benefit of Income Declaration Scheme to avoid scrutiny and enquiry under the Income-Tax Act or the Wealth Tax Act and avoid prosecution under the Income-Tax Act and Wealth Tax Act along with immunity from the Benami Transactions (Prohibition) Act after September 30, 2016”.
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