Income Tax Department conducts search operations in Pune, Maharashtra

RELEVANT EXTRACT 

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  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.

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 under progress.

Source – https://www.incometaxindia.gov.in/

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