Income Tax Department conducts search operations in Pune, Maharashtra.
The Income Tax Department has initiated search and seizure operations on a leading group of Pune, engaged in
dairy farming and milk products, on 25.11.2021. The search action covered more than 30 premises spread over 6 cities in India.
During the course of search action, several incriminating documents and evidence of tax evasion have been found and seized. The preliminary analysis of this evidence clearly shows evasion of taxable income by adopting various malpractices such as claims of bogus purchases, unaccounted cash sales, cash loan transactions and their repayment, unexplained cash credits, etc. Instances of the 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 assessed group has not maintained proper and separate books of account for claiming specific deductions from its taxable income.
The search operation has resulted in the seizure of unaccounted cash and unexplained jewellery of about Rs. 2.50 crore while some bank lockers are yet to be operated. The search action, so far, has led to the detection of unaccounted income of more than Rs. 400 crore.
Further investigations are in progress.
