Jammu & Kashmir : 82.7 crore cash and 35.2 lakh jewellery seized in income tax raids

Jammu : The Income Tax Department raided the locations of a group operating the largest private multi-specialty hospital in Srinagar and has caught tax evasion from this raid. In this action, cash worth 82.75 crore and  jewellery   worth 35.2 lakh have been seized. The bank locker is also sealed. The raids were conducted on Friday at seven locations, including four residential.

Official sources of the Central Board of Direct Taxes (CBDT) have identified the group as the group running the Noora Hospital located at Janakot in Srinagar. The statement issued by CBDT said that during the action, the concerned persons could not give clear information about 82.75 lakh cash and jewelery worth Rs 35.2 lakh. The group’s core businesses include a 100-bed multi-specialty hospital, real estate and home use good’s business. The group buys the lands and later develops and sells them as plots.

The CBDT said, during the course of action, it was found that the said group takes cash for half the price of the land sold (above the registered value of the property). The cash seized is part of the same. Tax was never paid on this money. The group has conducted substantial property transactions in the form of cash in excess of Rs 100 crore since the financial year 2013-14.

Payments and investments made through banking channels by buyers of plot sold by the group are also under investigation. At first glance, it was found that the investments made were tax evasion. During this, in the sale of the property at a price higher than the registered price, stamp duty on cash payment was also stolen. The information on stamp theft will also be given to the Jammu and Kashmir administration so that it can recover the stamp duty in this regard.

Giving an example of tax evasion, the department said that one of the taxpayers of this group engaged in the trade of household consumables purchased cash worth Rs 2 crore in 6 months in the year 2019-2020. In this too, tax evasion was done by violating rules.

The CBDT claimed that among the receipts provided in the hospital operation, it was found that the average turnover of the hospital since FY 2015-16 is around Rs 10-12 crore. However, the papers seized in the investigation show at least four times the actual receipts. The hospital said that the doctors were paid more than three crore in the current financial year. It is also being investigated.