Excelsior Correspondent
JAMMU, Feb 18: Following surveys by the Income Tax Department, a business group of Kathua today surrendered Rs 1.30 crore undisclosed income.
Official sources told EXCELSIOR that on the basis of information gathered through different means, the sleuths of Income Tax Department, on the directions of Principal Commissioner J&K Circle, Sangeeta Gupta, started simultaneous surveys in four premises of Krishna Building Material owned by Purshotam Lal and Sons in Chadwal area of Kathua district.
The surveys, which started this morning, continued till late tonight with IT sleuths laying hands on several documents indicating evasion of tax by the business group. “The group was conducting extensive business during the past several years but it was filing the returns reflecting income in few lakhs of rupees only”, sources said.
Disclosing that several discrepancies were noticed during the stock verification, sources said, “it has also been brought to the notice of IT Department that the business group concealed the actual investment made in purchase of two closed rice mills spread over 7 kanals of land”, adding these mills are being used for dumping of the building material.
Moreover, the IT sleuths detected improper billing of the building material being brought from outside the State and in this way the business group was concealing the income and evading the tax, sources further said.
Finding themselves completely trapped in the net of the Income Tax Department, the businessmen, late in the night, surrendered Rs 1.30 crore undisclosed income. However, the Department will continue verification of impounded documents, sources said.
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