TaxTMI 
TaxTMI 
Income Tax Department conducts searches in Hyderabad
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....ncome Tax Department conducts searches in Hyderabad <br>News and Press Release<br>Dated:- 1-3-2021<br><BR>The Income Tax Department carried out search & seizure operations on 24.02.2021 on a major Pharmaceutical group based out of Hyderabad. This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations. Majority of....
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.... the total manufactured products are exported to various countries i.e. USA / Europe. The search operation was carried out at about 20 locations in 5 States. Searches have resulted in seizure of cash amounting to ₹ 1.66 crore. During the search action incriminating evidence in the form of digital media, pen drives, documents, etc. have been found and seized. Incriminating digital evidences ....
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....were gathered from SAP @ ERP software maintained by the assessee group. During these searches, issues relating to purchases made from bogus and non-existent entities, artificial inflation of certain heads of expenditure, alongwith suppression of receipts relating to by-product sale were detected. Further, evidence of on-money payment for purchase of lands was also found. Multiple other legal issu....
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....es were also identified such as personal expenses being booked in the company's books and land purchased by related concerns / individuals below govt. SRO value. The search has led to unearthing of evidence relating to unaccounted income of around ₹ 400 crore out of which the assessee group has admitted an additional income of ₹ 350 crore. Further investigations are in progress.<BR> ....
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....News - Press release - PIB....