Income Tax Department conducted search and seizure operations at 5 locations in the Kashmir Valley on Thursday.The searches were carried out against a group which is a monopolistic wholesale distributer of pharmaceuticals in the Kashmir Valley.<\/p>\n\n\n\n
It was gathered that the group charged huge \npremium on life saving drugs which were exclusively sourced through it \nin the Valley and the extra normal profits earned by this modus operandi\n were used for investment in real estate in Srinagar, as well as for \nunaccounted expenditure by the promoter’s family not disclosed in their \nincome tax returns.<\/p>\n\n\n\n
The search action has yielded incriminating \ndocuments and digital evidence that suggest huge concealment of income \nby the promoter and his family members. Apparently, Rs. 3.08 crore of \non-money in transactions of 2 pieces of land in Srinagar has been earned\n by the group, which has not been disclosed in the returns of income. \nThe digital evidence in the form of hard disc that has been seized, \nindicates that a part of the sales proceeds, approximating nearly 10% of\n the turnover are kept outside the books of accounts to suppress \nprofits.<\/p>\n\n\n\n
The search action has also led to unearthing of an \nundisclosed bank account in the name of a family member of the promoter \nof the group in the J& K Bank at the Allamgiri Branch in Srinagar. \n\n<\/p>\n","protected":false},"excerpt":{"rendered":"
Income Tax Department conducted search and seizure operations at 5 locations in the Kashmir Valley on Thursday.The searches were carried out against a group which is a monopolistic wholesale distributer of pharmaceuticals in the Kashmir Valley. It was gathered that the group charged huge premium on life saving drugs which were exclusively sourced through it […]<\/p>\n","protected":false},"author":1,"featured_media":60020,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[410],"tags":[],"class_list":["post-60019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/60019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/comments?post=60019"}],"version-history":[{"count":1,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/60019\/revisions"}],"predecessor-version":[{"id":60021,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/posts\/60019\/revisions\/60021"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media\/60020"}],"wp:attachment":[{"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/media?parent=60019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/categories?post=60019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blastingskyhawk.com\/english\/wp-json\/wp\/v2\/tags?post=60019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}