Srinagar, Oct 1 (JKNS): The Income Tax Department conducted extensive raids in the early hours of Wednesday against a well-known business group in Kashmir, targeting multiple locations across Srinagar, Delhi, and Mumbai.
Reliable sources told news agency JKNS said that over 20 premises were searched as part of the operation, with several teams deployed to examine documents and digital evidence related to potential violations of income tax and other financial laws.
Sources further revealed that cash was seized, multiple lockers were attached, and investigations uncovered investments in both local properties and foreign assets. Evidence suggests unexplained investments in properties in Dubai worth tens of crores of rupees.
The ongoing investigation has so far revealed instances of alleged tax evasion running into crores of rupees, with further inquiries expected to continue. The business group under scrutiny operates multiple hotels in Kashmir, including a prominent Sarovar Portico hotel, sources added. (JKNS)
