Press Release, dated 21-02-21
The Income Tax Department has carried out search and seizure operation on a group running the biggest private Multi-specialty Hospital in Srinagar with more than 100 beds. The group has made unaccounted property transactions of more than Rs.100 crore in cash since FY 2013-14 onwards.
The payments/investments made through banking channels by the buyers of plots are also under investigation as prima-facie verification has shown that the investments have not been made using tax-paid income. Thus, taxes will be leviable not only on the seller group but the buyers also, depending on the facts of the cases. There is a substantial default of TDS on almost all purchases & sales of land/plots
The search has revealed substantial evasion of stamp duty due to the State Govt./Union Territory on cash paid as sale consideration over & above the registered value of the property.