IT raids at Hyderabad-based pharma group, Rs 400 crore Black income detected: CBDT
New Delhi: The Income Tax Department has detected "unaccounted" income of about Rs 400 crore after raids on a major pharmaceutical group based in Hyderabad, the Central Board of Direct Taxes (CBDT) said on Monday. The searches were carried out on February 24 at around 20 locations spread across five states.
The CBDT said the pharmaceutical group is engaged in the business of manufacturing of intermediates, active pharmaceutical ingredients (APIs) and formulations, and majority of its products are exported to European countries and the USA.
"The search has led to unearthing of evidence relating to unaccounted income of around Rs 400 crore, out of which the assessee group has admitted an additional income of Rs 350 crore," the CBDT claimed in a statement.
It added that Rs 1.66 crore cash was also seized during the operation.
"Incriminating evidence in the form of digital media, pen drives, documents, etc. have been found and seized," the CBDT said.
The statement said digital evidences were gathered from SAP-ERP software.
"Issues relating to purchases made from bogus and non-existent entities, artificial inflation of certain heads of expenditure, alongwith suppression of receipts relating to by-product sale were detected.
"Evidence of on-money payment for purchase of lands was also found," it alleged.
Multiple other legal issues were also identified such as personal expenses being booked in the company's books and land purchased by related concerns or individuals below government value, the CBDT said.
Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .
Disclaimer: This site is primarily intended for healthcare professionals. Any content/information on this website does not replace the advice of medical and/or health professionals and should not be construed as medical/diagnostic advice/endorsement/treatment or prescription. Use of this site is subject to our terms of use, privacy policy, advertisement policy. © 2024 Minerva Medical Treatment Pvt Ltd