I-T detects ₹550-crore unaccounted income, seizes about ₹143 crore in cash from Hyderabad pharma group

I-T detects ₹550-crore unaccounted income, seizes about ₹143 crore in cash from Hyderabad pharma group
I-T detects ₹550-crore unaccounted income, seizes about ₹143 crore in cash from Hyderabad pharma group

I-T detects ₹550-crore unaccounted income, seizes about ₹143 crore in cash from Hyderabad pharma group

According to the I-T Department, several bank lockers — 16 of which have been operated — were located during the searches.
The Income-Tax Department searches on a major Hyderabad-based pharmaceutical group has lead to the seizure of about ₹143 crore in cash and detection of unaccounted income to the tune of ₹550 crore.

The agency started the search and seizure operations on October 6 and about 50 locations across six States were covered.

“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,” said the Department.

During the searches, the agency identified the hideouts where second set of books-of-accounts and cash had been stored. Evidence in the form of digital media, pen drives and documents were seized. “Incriminating digital evidence were gathered from SAP @ ERP software maintained by the assessee group,” it said.

The agency detected several issues related to discrepancies in the purchases made from bogus and non-existent entities, and artificial inflation of certain heads of expenditure.