IT raids 15 premises of Srinagar based group

The Income Tax Department has carried out search and seizure actions on a group of three assesses, based in Srinagar. In a statement, Central Board of Direct Taxes, CBDT said searches were conducted at 15 residential and business premises yesterday, out of which 14 were in Srinagar and one in Delhi.

 

The group is engaged in multiple businesses including real estate, construction and renting of commercial and residential complexes in Srinagar. The group is also running a school, under a trust which is not registered under the Income - tax



Act. The search has lead to a seizure of unaccounted cash amounting to one crore 82 lakh rupees and jewellery worth 74 lakh rupees.

 

During the search, total undisclosed investments and cash transactions of 105 crore rupees of the group have been unearthed. The search has lead to recovery of incriminating evidences regarding receipt and payment of cash amounting to more than 50 crore rupees from various premises. Three lockers have been found, which have been put under restraint.