Jammu, July 28: The Income Tax (IT) department raided multiple offices of a prominent business group after generating leads of huge black money invested in real estate by the group. The ‘survey’ as the department has called it has verified the aforementioned leads.
It is for the very first time ever that the IT department has laid hands on the group and as per reports. This is the first outcome of the non-compliance of the Income Declaration Scheme of Union Government aimed at unearthing black money. The group had not come forward in response to the notices issued by the IT department on the basis of credible data.
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.
The officials have mentioned that the KC group was under the impression that having links in the corridors of power would come to be of rescue for them at the eleventh minute.
The instructions for the raids came from the Union Finance Ministry as well as Central Board of Direct Taxes to leave no stone unturned to unearth black money.
The IT department left no stone unturned and carried out surveys in all the business premises of KC Group and even police’s cooperation was in place for the IT sleuths such that there were no hurdles in the surveys, sources said. A total of nine different teams were constituted to simultaneously carry out surveys.
The surveys began from from Bari Brahmana where the KC Group holds maximum business establishments and continued till late evening with IT sleuths impounding several incriminating documents indicating investment of black money in the real estate business.
Sources have stated that the group had never been touched in the past for being one of the most influential groups in the state. It has also come to the fore that the KC Group never revealed the exact income and every time the same was grossly under-reported.
Since the group is under survey, it would not be able to avail the benefit of ongoing Income Declaration Scheme as the group has already ignored the requests of the IT Department in this regard.
The group is now faced with all the proceedings under Income Tax Act as is the first outcome of non-compliance of Income Tax Department directives on Income Declaration Scheme.
Sources have hinted that more such surveys are likely in near future as there are numerous business establishments which have not come forward to disclose undisclosed income under Income Declaration Scheme till date.
Sources said that by initiating action against KC Group the IT Department has sent a message loud and clear that whosoever fails to ensure compliance to the Income Declaration Scheme will have to face the action as digging out black money is the nationwide crusade launched by the Union Government.
In response to a question, sources said, “the undisclosed income in case of KC Group is likely to run in several crores of rupees keeping in view the incriminating documents impounded by the IT sleuths during the surveys”.