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| Income Tax Department conducts searches in J & K, Photo Credit: Nataliya Vaitkevich |
New Delhi (Lisbon Times):- The Income Tax Department conducted a search & seizure operation on 19.02.2021, on a group running the biggest private Multi-speciality Hospital in Srinagar with more than 100 beds. Seven premises including 4 residential premises, all in Srinagar, were covered in the search.
The core business of
the group includes running of the Hospital, Real Estate & Trading of
Household Consumables.
The group is in the practice of buying large chunks of land piecemeal and aggregating them.
Thereafter, it develops the land and carves out plots, and sells them. Evidence
showing more than 50% of consideration (over & above the registered value
of the property) received in cash from buyers, has been seized during the
search operation. Such sale consideration received in cash has never been
offered to tax.
The group has made
unaccounted property transactions of more than Rs.100 crore in cash since FY
2013-14 onwards. The payments/investments made through banking channels by the
buyers of plots are also under investigation as prima-facie verification has
shown that the investments have not been made using tax-paid income. Thus,
taxes will be leviable not only on the seller group but the buyers also,
depending on the facts of the cases. There is substantial default of TDS on
almost all purchases & sales of land/plots.
Further, the search
has revealed substantial evasion of stamp duty due to the State Govt./Union The territory on cash paid as sale consideration over & above the registered
value of the property. The information in this regard will be shared with the J
& K Union Territory Authority for levy of stamp duty on the entire sale
consideration, as evident from the seized documents and notification of circle
rates as per the prevailing market rates.
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During the
search, it was also seen that the individuals have taken a number of plots/land
as gifts from various unrelated individuals and they have not shown any income
on this score u/s 56 of the I. T. Act, 1961 even though the same is chargeable
to tax in the hands of the donee as income from other sources. The cases of the
donors are also under investigation from the perspective of evasion of income
tax.
Further, one of the
taxpayers of this group engaged in trading of household consumables have made
cash purchases of household consumables worth Rs.2 crore in 6 months in FY
2019-20, in violation of tax provisions that mandate payment of more than
Rs.10,000/- at a time through banking channels only.
Evidence of various
Benami Properties has also been unearthed and seized during the search. The
same is under investigation.
Suppression of
receipts from the running of the Hospital are under investigation. The average
turnover shown by the Hospital is around Rs.10-12 crore since FY 2015-16;
however, seized evidence shows actual receipts to be at least four times more.
Evidence showing cash payments of Rs. 3 crore, made to various doctors in the
current year, has been seized during the search.
Cash of Rs. 82.75 lakh
and Jewellery & Bullion worth Rs. 35.7 lakh have been seized as the
concerned persons from whose custody these were found were not able to explain
the same. One Bank Locker has been sealed.
Further investigations are in progress.
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