IT Deptt surveys 6 premises of a group

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Detecting misuse of surrendered PAN card by a business group, the Income Tax Department conducted surveys in its six premises in different parts of Jammu today.
Official sources told  that Income Tax Department sleuths today carried out simultaneous surveys in six premises of M/s Om Parkash and Company, M/s Om Parkash and Sons and Bombay Paints and Hardware situated in Shastri Nagar, Satwari, Digiana and Jeevan Nagar.
During the surveys, which started this morning and continued till late tonight, the IT sleuths laid hands on several documents relating to financial transactions of all the concerns of the group. Even the stock of the group kept in different premises and locations was verified by the IT sleuths in order to detect evasion of tax.
“Actually, this group was in the category of non-filers of returns and several notices were issued in this regard”, sources said, adding “during the scrutiny by the IT sleuths it came to fore that group has misused the PAN card, which it had surrendered several years back, in carrying out bank transactions and preparing FDRs”.
In response to a question, they said, “bank transactions worth Rs 2.5 crore by misusing the surrendered PAN card have been detected so far. Similarly, FRDs worth Rs 95 lakh were also prepared on the basis of this particular PAN card”.
“The verification of impounded documents would take time and exact evasion of the tax would be worked out during next some days”, sources said, adding “the misuse of surrendered PAN card is a big fraud on the part of the group for which stern action can be taken against it”.

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