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| IT sleuths scrutinizes records of two reputed jewellery stores | | | Early Times Report
Jammu, Sept 7: Income Tax (IT) sleuths today carried out surprised visit to two reputed outlets of two popular jewellery showrooms in Jammu city here.
As per sources, the IT sleuths headed IT Inspector Muni Chandram visited the above mentioned showrooms. As per sources, IT sleuths at around 2 p.m. started scrutiny of records in showrooms of Rakesh Jewellers and Shankar Shah Jewellers located in Jain Bazar, Lakhdata Bazar, Gandhi Nagar as well. The teams reportedly seized the records of showrooms for scrutiny of their records, to assess the proper payment of tax by the showroom owners.
"As per preliminary reports it has been found that the said showroom owners have evaded income tax" sources said, adding that the exact amount of tax evaded by these showroom owners would be find out after complete scrutiny of records.
Sources said that the IT sleuths were verifying the documentation and other records pertaining to the permission/purchase and sale of precious items. Meanwhile, the rumors around the air that proprietors of the two showrooms have reportedly failed to declare their assets properly and have tried to evade taxes but the official sources rejected the same saying it was routine visit to scrutiny the records.
The said inspection visit resulted into resentment brewing among trading and business community and a delegation of traders comprising Y B Sharma, president of Chamber of Commerce and Industries (CCI) Jammu, Raj Kumar Babbar president of All JK Swarancar Sang and Vijay Kumar Saraf, general secretary of Sarafa Association called on Assistant Commissioner Income Tax in his office Chamber at Office of Income tax Commissioner Bahu Plaza.
The delegation apprised him that September 15 is the last date of filing Income Tax Returns, therefore, such visits speculated as 'raids' are ill logical. However, the sources said the delegation of traders was told that it was merely a 'routine survey cum inspection visit but not the raid as being speculated in business community. |
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