Rs 4 crore cash, more jewellery seized as IT sleuths continue action against tax evaders

Nearly dozen sealed lockers to be opened within next few days

Scrutiny of incriminating documents to begin shortly

Mohinder Verma
JAMMU, Mar 15: The sleuths of the Investigation Wing of the Income Tax Department continued action against the habitual tax evaders for the second consecutive day today and seized around Rs 4 crore cash, more jewellery and incriminating documents from their premises. The first-ever major crackdown will yield more results following detailed scrutiny of the seized documents, which will begin within next few days.
Official sources told EXCELSIOR that all the teams of the Income Tax Department continued their action in both the capital cities for the second consecutive day as searches in the business premises and residences of major tax evaders could not be completed till late last night.
“Majority of these tax evaders, whose names have been concealed by the Income Tax Department, have more than one business establishments and residential houses as such it was not possible to cover all of them in one day”, they further said, adding though the operation was suspended last night but close watch was maintained on the activities of the tax evaders and their family members so as to ensure that they don’t succeed in shifting incriminating documents and other valuables outside their respective premises.
They disclosed that on the second day of action the IT sleuths seized Rs 4 crore cash, large quantity of more jewellery and large number of incriminating documents from some businessmen in Jammu particularly hoteliers and those dealing in real estate activities. As the raids were continuing till the filing of this report, more seizure was expected.
Stating that first-ever major crackdown would yield more results, sources said, “there is hardly any tax evader from whose premises documents indicating large scale tax evasion were not recovered as such they will be in more trouble following detailed scrutiny, which is going to begin soon after conclusion of ongoing action”, adding “all these documents pertain to undisclosed investments in different business activities and real estate sector”.
They further disclosed that around a dozen lockers of these tax evaders in different banks have also been sealed by the Investigation Wing of the department and the same will be operated only by the valuers certified by the Income Tax Department.
“Moreover, the valuers will assess the investments made in the real estate sector by these tax evaders. However, this exercise will begin only after valuers from outside reach here with proper authorization from heads of the Investigation Wing as there is no IT Department certified valuer in Jammu and Kashmir”, they said, adding “the department is expecting seizure of more cash and jewellery on the opening of sealed lockers”.
They didn’t rule out continuation of ongoing action tomorrow also and said, “if the IT sleuths feel that they have thoroughly covered each and every establishment of targeted tax evaders then they will conclude the drive late in the night otherwise searches will continue for third consecutive day tomorrow”.
“As today was the last date for payment of fourth instalment of advance tax for the assessment year 2019-20, the Income Tax Department will closely analyze the tax details after the conclusion of current financial year and thereafter chalk out future strategy”, sources further said.
Not ruling out more IT raids in other parts of the State before conclusion of current financial year, sources said, “the department is also in the possession of detailed information about habitual tax evaders in other districts of the State where business activities have flourished during the past some years”.
Meanwhile, reports said that Income Tax Department found undeclared property transactions of more than Rs 41 crore and concealed financial transactions of nearly Rs 17 crore in Kashmir valley.
As already reported, around 200 personnel of Investigation Wing of the Income Tax Department from North India are involved in the first ever major crackdown on major tax evaders.