IT dept detects Rs 400-cr black income after raids on Pune dairy group

Several incriminating documents and evidences of tax evasion have been found and seized.

The Income Tax Department has detected unaccounted income of Rs 400 crore after it raided a Pune-based company engaged in dairy farming and manufacturing of milk products, the CBDT said on Thursday.

The searches were launched on November 24 at thirty premises located in half-a-dozen cities.

''The search operation has resulted in the seizure of unaccounted cash and unexplained jewelry of about Rs 2.50 crore while some bank lockers are yet to be operated,'' the CBDT said in a statement.

''So far, the unaccounted income of more than Rs 400 crore has been detected,'' it said.

The Central Board of Direct Taxes (CBDT) frames policy for the tax department. ''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 the claim of bogus purchases, unaccounted cash sales, cash loan transactions, and their repayment, unexplained cash credits,'' the CBDT said.

''Instances of the incorrect claim of loss on account of sale or death of livestock, etc. have also been noticed,'' it claimed.

The group, the statement alleged, has not maintained proper and separate books of account for claiming specific deduction from its taxable income.

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