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IT Dept searches several premises in Srinagar

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Srinagar: The Income Tax department Thursday conducted search and seizure operations against a pharmaceutical wholesaler at five locations in the Kashmir valley.

The group was allegedly charging huge premium on life-saving drugs and making extra-normal profits which were being used for investment in real estate in Srinagar.

"The search action has yielded incriminating documents and digital evidence that suggest huge concealment of income by the promoter and his family members. Apparently, Rs 3.08 crore of on-money in transactions of two pieces of land in Srinagar has been earned by the group, which has not been disclosed in the returns of income," said a statement by the Central Board of Direct Taxes (CBDT).

The search action has also led to unearthing of an undisclosed bank account in the name of a family member of the promoter of the group in the J&K Bank at the Allamgiri Branch in Srinagar.

The CBDT, however, did not disclose the name of the pharma wholesaler.

"The proceeds in this bank account are apparently used to channel unaccounted income earned in the pharmaceutical business. Three bank lockers of the group have also been found in the search and their operation is likely to yield more incriminating evidence against the group," CBDT said.

The group had deposited cash of Rs 47.20 lakh in the old demonetised currency during the demonetisation period. The source of this cash remains unexplained, it added.

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