Quick Summary
The Income Tax Department carried out search seizure operations on06.10.2021on a major Pharmaceutical group based out of Hyderabad. This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations. Majority of the products are exported to foreign countries i.e. USA, Europe, Dubai and other African countries. The search operation was carried out at about50 locations in 6 States. During the searches, hideouts were
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1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
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FAQ :
The searches resulted in the seizure of unexplained cash amounting to Rs 142.87 crore and unearthed an estimated Rs 550 crore in unaccounted income.
The targeted company is a major pharmaceutical group engaged in the manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs), and formulations.
The search operations were carried out at approximately 50 locations across 6 states.
Discrepancies were found in purchases from bogus entities, artificial inflation of expenses, on-money payments for land, personal expenses booked as company expenses, and land purchased by related parties below registration value.
Incriminating evidence including digital media, pen drives, documents, second sets of books of accounts, and cash were seized. Digital evidence was also gathered from the company's SAP @ ERP software.
No, further investigations and quantification of the undisclosed income detected are currently in progress.
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