IT dept conducts searches in J-K; detects undeclared investment of Rs 19 cr

The Income Tax Department Friday said it has unearthed undeclared investment in immoveable property of more than Rs 19 crore in search actions carried out in and around Srinagar.

The department has also detected unaccounted financial transactions of more than Rs 11 crore, an official statement said.

The tax department carried out search actions at five premises located in and around Srinagar Thursday.

Two groups who have connived with local officials in facilitation of absorption of undisclosed income of undesirable elements in shops, buildings and land in Srinagar were searched, it said.

Similar search operation was carried out earlier this month as part of efforts to curb terror financing.

The search actions of March 28, 2019 have unearthed unaccounted financial transactions of more than Rs 11 crore and undeclared investment in immoveable property of more than Rs 19 crore, it said.

None of the persons covered in the search actions has filed an income tax return, it said, adding criminal prosecution for wilful attempt to evade tax as well as deliberate non-filing of tax returns would be filed against the tax evaders.