Finance

Income tax dept digs up dodgy transactions worth Rs 17 crore in J&K

The income tax (I-T) department on Friday announced it has documentary evidence of undeclared property deals of more than Rs 41 crore and concealed financial transactions of nearly Rs 17 crore in Jammu & Kashmir, primarily in the Valley that involve several local businessmen.

The department stumbled upon these details after it conducted searches in the Kashmir valley on Thursday, an official statement stated.

“ These actions are part of the Department’s continued drive against use of black money by disruptive elements in the State,” the statement announced. The department has already seized cash of Rs 1.44 crore and unaccounted jewelry of Rs 2.48 crore.

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