IT dept said preliminary analysis shows evasion of taxable income by adopting various malpractices like bogus purchases, unaccounted cash sales, cash loan transactions and their repayment, unexplained cash credits

PUNE, Dec 2 (The CONNECT) - The Income Tax Department has detected unaccounted income running into over Rs 400 crores from a Pune-based dairy group.

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, an official press release said.

The search action of November 25 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 assessee group has not maintained proper and separate books of account for claiming specific deduction from its taxable income, the release said.