IT department seizes ₹143 crore from Hyderabad-based pharma group
The Hindu
Unaccounted income worth ₹550 crore detected
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. U.S.A, Europe, Dubai and other African countries,” the Department said.
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