JAMMU: Following demonetization, raids are being conducted at every nook and corner of the country with big business houses at the radar of IT officials.
As reported in a local daily, the Income Tax Department, in a’survey’ conducted on Friday has detected concealment of whopping Rs 65.39 crore from the premises of a prominent business group of Jammu.
As per the sources, The KC group which is headed by Raju Choudhary, was under the scanner of the IT department since June 1, 2016 after the Income Declaration Scheme.
Instead of ensuring compliance to the directives of the IT Department, the KC Group was not forthcoming and was under the impression that having links in the corridors of power would come to be of rescue for them at the eleventh minute.
On the basis of available information, Sangeeta Gupta the Principal commissioner directed Income Tax Department on July 27, 2016 to conduct a survey in 13 premises of K C Group under Section 133-A of the Income Tax Act.
During the survey, the Income Tax Department detected concealment of huge income from different businesses by the KC Group. Business activities of the group include manufacturing of Ferro Chrome, Calcium Carbide, M S Ingots, school, cinema hall, sports club, dealership of Hyundai and Chevrolet and mall. Moreover, the group is constructing a huge hotel where concealed income is being allegedly diverted.
According to officials, the IT department had been closely watching the KC group headed by Raju Chowdhary ever since the start of Income Declaration Scheme from June 1, 2016 as the data gathered by the department sleuths from various quarters was clearly reflecting grossly under-reported income by the group which is known to have multiple businesses in different sectors in various parts of Jammu.
As the IT sleuths are having substantial information and data in hand, Raju Choudhary is all set to face action under Income Tax Act and Income Declaration Scheme as he has blatantly violated the provisions of both. He has been concealing income since 2012-13 and the income generated from different activities was never reflected in the Income Tax returns filed since 2012-13 financial year.
Raju Choudhary has been found indulging in bogus transactions, loans/advances and purchases, sources said that one of the hawala operators has admitted before the Income Tax Department about the bogus entry in the transactions of Raju Choudhary. Moreover, K C Multiplex and Infrastructure Pvt Ltd has not filed the return of income.
The assessee was given all the opportunities by the IT Department but he didn’t come forward to explain certain issues clearly and filed evasive replies.
With this action, the Income Tax Department has given a loud and clear message that whosoever tries to evade the tax by concealing income will have to face the strict action by the department.