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Home TOP NEWS

IT dept probes two firms in Kashmir for ‘tax evasion’

Press Trust of india by Press Trust of india
October 12, 2018
in TOP NEWS
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Srinagar, Oct 11: The Income Tax Department Thursday carried out surveys against two business houses in the Kashmir Valley for alleged tax evasion running into crores of rupees, officials said.

They said tax sleuths from income tax offices in Chandigarh and Rajasthan were flown in here for carrying out the surprise checks, an exercise undertaken in the Valley first time in 16 years.

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About eight premises, including godowns, of the two companies were searched at Pampore and Pulwama in south Kashmir and in the state capital here.

“The surveys are being conducted on charges of tax evasion and the business premises of the assesses are being visited,” a senior official said.

The income tax teams were assisted by the paramilitary CRPF for ensuring the security of the team.

The first company that was surveyed is Kings Industries Private Limited that manufactures electric poles and iron structures, and is being investigated for alleged “round tripping of funds” to the tune of Rs 10-11 crore as the same was not reflected in their account books, the officials said.

The second operation was carried out against Srinagar-based Hafiz Constructions — a real estate company that is also into the hotel business.

The company is alleged to have made “unaccounted transactions for sale of immovable properties to the tune of Rs 10 crore,” they said.

The officials of the two business houses were also briefly quizzed by the tax officials, they said.

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