I-T Department Raids Srinagar-Based hospital owner; Detects Rs100Cr cash Transactions

I-T Department Raids Srinagar-Based hospital owner; Detects Rs100Cr cash Transactions

The Income Tax I-T department on Friday, February 21, raided the residential and office premises of the owner of a group running the biggest private.

The Income Tax I-T department on Friday, February 21, raided the residential and office premises of the owner of a group running the biggest private multi-speciality hospital in Srinagar with more than 100 beds. The raids were conducted at seven sites, including four residential premises, all in Srinagar.

The group’s core business includes running the hospital, real estate and trading in household consumables.

MORE FROM THE AUTHOR:

Banks must tell customer before breaking open locker; SC lays down rulesCBI arrests Standard Chartered bank official for demanding bribe from borrower

The Income Tax (I-T) department on Friday, February 21, raided the residential and office premises of the owner of a group running the biggest private multi-speciality hospital in Srinagar with more than 100 beds. The raids were conducted at seven sites, including four residential premises, all in Srinagar.

Also Read: Deccan Urban Co-operative Bank Withdrawal Capped At Rs1,000 from RBI

The group’s core business includes running the hospital, real estate and trading in household consumables.

According to the I-T department, the group is in the practice of buying large chunks of land parcels in piecemeal and aggregating them. Thereafter, it develops the land and carves out plots and sells them. The department found that more than 50% of sale proceeds (over and above the registered value of the property) are received in cash from buyers. Such sale consideration received in cash has never been offered for tax.

The group has made unaccounted property transactions of more than Rs 100 crore in cash from 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 as well, depending on the facts of the cases. There is substantial TDS default on almost all purchases and sales of land/plots.

Leave a Reply

Your email address will not be published. Required fields are marked *