<h1>Income Tax Raids in J&K and Punjab Expose Rs. 200 Crore Unaccounted Income; Section 80IB Deductions Found Illegitimate.</h1> The Income Tax Department conducted search and seizure operations in Jammu & Kashmir and Punjab targeting individuals involved in the dry fruits business. The operations revealed that the parties inflated dry fruit purchases and received unaccounted cash. Evidence showed one entity maintained parallel accounting records with significant discrepancies, engaged in unaccounted transactions, and held excess stock worth Rs. 40 crore. A benami proprietary concern was also discovered. Deductions claimed under section 80IB were found to be illegitimate, estimated at Rs. 30 crore. The searches resulted in the seizure of Rs. 63 lakh in cash, Rs. 2 crore in jewelry, and the restraint of 14 bank lockers, uncovering over Rs. 200 crore in unaccounted income. Further investigations are ongoing.