The Income Tax Department has unearthed more than Rs 400 crore in undisclosed income in a search and seizure operation on a leading group in Pune, engaged in dairy farming and production of milk products, according to information provided by the finance ministry on Thursday.

The tax raid carried out on Nov 25 across 30 premises in six cities also resulted in the seizure of unaccounted cash and jewellery, the total value of which was put at Rs 2.5 crore, the official statement said.

During the course of search action, several incriminating documents and evidence of tax evasion have been seized. The preliminary analysis of the 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 have also been noticed.

Evidence has also been gathered revealing that the assesse group has not maintained proper books of account for specific deduction from its taxable income.

Further investigations are still in progress.

Also read: Rs 500 crore in black money detected in tax raid on Jaipur jewellery exporter