Summary:
As per the new rules, he will be liable to pay approximately 70% as tax amount on the surrendered amount. Ludhiana: An income tax survey conducted at a motor workshop and marriage hall located in Sirhind led to the unearthing of undisclosed income worth Rs 2.25 crore which was later surrendered by the owner.The survey was held following the directions by principal commissioner of income tax (Ludhiana and Patiala) Parneet Sachdev on Tuesday.According to the information, the businessman who owns both these premises had been hiding his actual income and used these proceeds to construct the marriage hall. Sources claimed that in order to rule out any claims of the businessman that the marriage palace was constructed at less cost, the department had hired a valuer who assessed the property and gave the exact market rate and cost of construction of the hall, based on which the IT officials confronted the owner.The owner later surrender Rs 2.25 crore as his undisclosed income to the department..