IT Raid
IT Dept raids company engaged in dairy sector in Pune, detects unaccounted income of Rs 400 cr
Pune/IBNS: The Income Tax Department initiated search and seizure operations on a leading group of Pune, engaged in dairy farming and milk products add seized unaccounted cash and unexplained jewellery of about Rs 2.50 crore.
The search action, which was started on November 25, covered more than 30 premises spread over six cities in India.
So far, the raids have led to the detection of unaccounted income of more than Rs 400 crore and the officials are yet to operate some bank lockers of the group.
During the course of search action, several incriminating documents and evidences of tax evasion have been found and seized.
The preliminary analysis of these evidence clearly shows evasion of taxable income by adopting various malpractices such as claim of bogus purchases, unaccounted cash sales, cash loan transactions and their repayment, unexplained cash credits, etc.
Instances of incorrect claim of loss on account of sale or death of livestock, etc. have also been noticed.
Evidence has also been gathered revealing that the assesse group has not maintained proper and separate books of account for claiming specific deduction from its taxable income.
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