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| IT raid yields rich dividends 17 miles owner surrenders Rs. 2.50 crore,others likely to follow | | | Early Times Report
Jammu, Mar 15: Search and seizure operations conducted by income tax department on the six premises of three businessmen/ industrialists yielded rich dividends as the owner of 17 miles hotel and restaurant and continental transformers made a voluntary surrender of concealed income to the tune of Rs 2.50 crore.
Sources said that on being confronted over the unexplained investments made in the movable and immovable properties, one of the groups of assesses namely 17 miles hotel & restaurant and continental Transformers surrendered and additional income to the tune of Rs. 2.50 crores for the current financial year i.e. 2010-11 which would be over and above the normal income.
They added that detailed scrutiny in respect of the remaining two groups namely Chaman Lal and Mela Ram Hardware Store at Vijaypur and Sudershan Steel at Industrial Estates Bari Brahamana is going on till the last report came in. Sources disclosed that during the course of survey operations, certain incriminating document were found whose scrutiny revealed heavy investments made by assesses in the movable and immovable properties.
Sources went on to state that in all six premises were surveyed by the IT sleuths, who started their operation at around 1 pm on Monday and continued till mid-night. They added that impounded documents are being scrutinized following which Income Tax Department would work out exact concealment and evasion.
It is pertinent to mention here that Chief Commissioner of Income Tax, Amritsar region, KS Pathania, while interacting with media-persons some days back, had stated that department was keeping continuous watch on tax payers and whosoever found indulging in concealment of income and evasion of Income Tax would not be spared.
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