IT raids on Pune dairy group catch Rs 400 crore tax evasion

A search of the company's offices in six cities led to the seizure of crores of unaccounted assets

Mumbai: An Income Tax team raided a Pune-based dairy industry group and seized unaccounted votes worth Rs 400 crore. The group's offices in six cities involved in dairy farming and dairy production were searched and massive tax evasion was caught.

According to the Central Board of Direct Taxes, an investigation was launched into the dairy industry from November 24. A total of Rs 400 crore worth of goods, including jewelery worth Rs 2.5 crore, were found during the investigation. Some bank lockers are yet to be opened.

According to the information provided by the CBDT authorities, evidence of tax evasion as well as objectionable documents have been acquired. Evidence has been found showing bogus purchase bills, unaccounted cash, cash loan transactions etc.

There were also false claims of damage caused by the death of cattle. It is also alleged that the dairy group did not keep separate tax deductibles.