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The IT department conducts research at the multi-specialty group hospital run by Srinagar

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The Income Tax Department conducted research on a group that ran the largest private hospital with many specialties with 100 beds in Jammu & Kashmirs Srinagar, which had assets transactions not counting more than 100 crore in cash since 2013-14, and uncovered evidence of several benam properties.

Seven locations, including four residential premises, were searched during the operation. During the inspections, the agency seized 82.75 lakhs and jewelry / bars worth 35.7 lakhs. A bank locker is sealed.

The group’s main business includes running a hospital, real estate and trading home consumables.

Alleged suppression of bills from hospital operations is being investigated. The average turnover shown by the hospital is about 10-12 crore from 2015-16, but the agency found that the actual bills were at least four times higher. Cash payments of $ 3 billion have also been made to various doctors in the current year.

The group is in the practice of buying large plots of land in pieces and collecting them. After that, she develops the land and digs up the plots and sells them. Evidence showing more than 50% of the valuation above and above the recorded value of the property received in cash by the buyers has been confiscated by the agency.

Payments made by buyers of parcels developed through banking channels are also under investigation as prima-facie verification showed that the investments were not made using tax-paid proceeds. In addition, there is a significant tax default revealed at almost all purchases and sales.

The search also revealed substantial avoidance of the stamp duty on cash paid as consideration sale over and above the recorded value of the properties.

As it turned out, people had also received a number of plots / land as gifts from various unrelated persons and they had not shown any income for this charge. Cases of such donors are also under the scanner for suspected tax evasion.

One of the taxpayers of the group engaged in the trading of household consumption materials had made cash purchases worth 2 billion in six months during 2019-20, contrary to tax provisions.

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