Income Tax dept crackdown on 3 money managers in Srinagar and Kupwara
The Income Tax office today completed hunt and seizure activities in Srinagar and Kupwara at the premises having a place with three noticeable money managers.
These three financial specialists are Hilal Ahmed, Ghulam Rasul and Ishfaq Dar. Sources revealed to Times Now that Hilal Ahmed's girl is concentrating in Pakistan and unexplained consumption for her training is under the scanner.
During the pursuits today the Income Tax authorities have identified a colossal measure of undisclosed salary, unaccounted resources and implicating proof of Benami exchanges have been found also.
The annual Tax office says the pursuit activity has uncovered that the key individual of one of the gatherings, Hilal Ahmed, had not recorded the personal assessment forms, had two dynamic PAN cards and was occupied with cross-LoC exchange till the suspension of exchange by Indian Government in April 2019. No personal expense was paid on sends out worth Rs 25 crore in the most recent couple of years by 1 of the 3 gatherings struck today.
Sources in the Income Tax office state, this lone seems as though a glimpse of something larger as a few implicating reports identified with the LoC exchange has been seized from the overseer of cross-LoC exchange, showing huge scope tax avoidance. Proof of unexplained consumption likewise found on the training of this little girl in Pakistan.
In the second case, the key individual and his sibling were occupied with cross-LoC exchange until the suspension of an exchange by the administration. He had made all-out fares of Rs 3 crore over the most recent two years, while he had documented his Income Tax return for just a single year and that as well, indicating small receipts. The Income Tax Return recorded likewise doesn't coordinate with the credits in various financial balances which run into crores of rupees.
Further, proof indicating illicit exchange infringement of suspension of cross-LoC exchange has been seized. The identification of the assessee uncovers that he had made a trip to Pakistan for 20-25 days each schedule year since 2017 and the wellspring of consumption on this record stays unexplained.
In the third case, it was discovered that the gathering was occupied with the cross-LoC exchange of vegetables and organic products. For this situation, unaccounted money of Rs 15 lakh has been seized. The gathering is having numerous worries. Be that as it may, exchanges of these worries have not been reflected in their Income Tax returns. On account of an individual of this gathering, who is a non-filer, records relating to the unaccounted business exchanges of about Rs 10 crore have been seized.
For another situation of a firm, one of the accomplices in the firm has conceded that his name was just being utilized, however he was not associated with any action of the firm. The issue is being analyzed from the point of Benami exchanges. A storage has likewise been discovered which is yet to be looked and has been set under restriction.
Further examination is in progress.