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Income Tax Department carried out search and seizure operations on 06.07.2022 on a major Bengaluru-based pharmaceutical group, engaged in the business of manufacturing and marketing of pharmaceutical products and Active Pharmaceutical Ingredients (API). The group has presence in over 50 countries. The search action covered around 36 premises spread across 9 States. During the course of the search operations, substantial incriminating evidence, in the form of documents and digital data, has be
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FAQ :
The Income Tax Department carried out search and seizure operations on 06.07.2022.
A major Bengaluru-based pharmaceutical group engaged in manufacturing and marketing pharmaceutical products and Active Pharmaceutical Ingredients (API) was searched.
The search action covered approximately 36 premises spread across 9 States.
The search was conducted due to allegations of tax evasion, including the debiting of unallowable expenses for freebies provided to medical professionals, estimated at around ₹1000 crore.
Other detected methods include claiming artificially inflated deductions, suppression of expenses, over-appropriation of revenue, inadequate allocation of R&D expenses, and inflated claims for weighted deduction under section 35 (2AB).
Substantial incriminating evidence in the form of documents and digital data was seized. Additionally, unaccounted cash amounting to ₹1.20 crore and unaccounted gold and diamond jewellery worth over ₹1.40 crore were also seized.
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