New Delhi, Dec 2 (Agency) The Income Tax Department conducted search operations on a leading group in Pune, Maharashtra, engaged in dairy farming and milk products on November 25. The search action covered more than 30 premises spread over six cities in the country. The search resulted in seizure of unaccounted cash and unexplained jewellery of about Rs 2.50 crore, while some bank lockers were yet to be operated. “The search action so far has led to the detection of unaccounted income of more than Rs 400 crore,” an official statement said. During the course of search, several incriminating documents and evidences of alleged tax evasion were 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 and unexplained cash credits,” said the statement. “Instances of incorrect claim of loss on account of sale or death of livestock have also been noticed,” it added. Evidence revealed that the assesse group had allegedly not maintained proper and separate books of account for claiming specific deduction from its taxable income, it said.