I-T sleuths raids Pharmaceutical in Hyderabad, seizes Rs. 142.87 crore
The Income Tax Department carried out search and seizure operations on Saturday on a major Pharmaceutical group in Hyderabad. The search operation was carried out at about 50 locations in 6 States.
Hyderabad: The Income Tax Department carried out search and seizure operations on Saturday on a major Pharmaceutical group in Hyderabad. The search operation was carried out at about 50 locations in 6 States.
This Pharmaceutical group is engaged in the business of manufacturing intermediates, Active Pharmaceutical Ingredients (APIs) and formulations. The majority of the products are exported to foreign countries i.e. USA, Europe, Dubai and other African countries.
During the searches, hideouts were identified where the second set of books of accounts and cash were found. Incriminating evidence in the form of digital media, pen drives, documents, etc. have been found and seized. Incriminating digital evidence was gathered from SAP @ ERP software maintained by the assessee group.
During the search, several bank lockers have been found, out of which 16 lockers have been operated. The searches have resulted in the seizure of unexplained cash amounting to Rs. 142.87 crore so far. The unaccounted income unearthed is estimated to be in the range of about Rs 550 crore till now.
