Income Tax Department conducts search operations in Pune, Maharashtra

Income Tax Department conducts search operations in Pune, Maharashtra The Income Tax Department began search and seizure operations against a prominent Pune dairy farming and milk products firm on November 25, 2021. The search operation included more than 30 locations across six Indian cities. Several incriminating documents and evidences of tax evasion were discovered and seized during the search operation. The preliminary study of this information clearly demonstrates taxable income avoidance through different frauds such as claiming fictitious purchases, unaccounted cash sales, cash loan transactions and payback, unexplained cash credits, and so on. There have also been instances of erroneous claims of loss due to the sale or death of animals, among other things. Evidence has also been acquired that shows the assessee group did not keep suitable and separate books of account for claiming certain deductions from its taxable income. The search operation resulted in the recovery of roughly Rs. 2.50 crore in unaccounted cash and inexplicable jewellery, while some bank vaults have still to be opened. So far, the search operation has resulted in the discovery of unaccounted revenue totaling more than Rs. 400 crore. Further investigations are being carried out.