Quick Summary
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. T
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
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.
CAclubindia
