Excelsior Correspondent
JAMMU, Oct 18: Following Income Tax surveys, Muqaddar Development Corporation owned by Ravinder Sawhney and his son Muqaddar Sawhney today surrendered Rs 2.50 crore undisclosed income.
Official sources told EXCELSIOR that one business establishment of Ravinder Sawhney and his Son Muqaddar Sawhney today surrendered Rs 2.50 crore undisclosed income while as the scrutiny of the documents relating to other business establishments including Shanti Kunj Apartments was going on.
Notwithstanding the surrender of Rs 2.50 crore, the Income Tax Department will continue its proceedings of scrutinizing the impounded documents in order to work out exact concealment of income by all the business establishments of the group, sources said.
“Surrender is only an option for the assessees and it doesn’t mean that IT Department will stop its proceedings following surrender”, they added.
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