NEW DELHI: The central board of direct taxes has claimed that a leading pharmaceutical group based out of Hyderabad, with majority of its medicines exported to US and Europe, has admitted to generating Rs 350 crore of black money while the income tax searches has revealed undisclosed income of more than Rs 400 crore.
“The search has led to unearthing of evidence relating to unaccounted income of around Rs 400 crore out of which the assessee group has admitted an additional income of Rs 350 crore,” CBDT said. Further investigations are in progress. A search was carried out on the pharmaceutical group on February 24 at more than 22 locations in five states. “The group is engaged in the business of manufacturing of intermediates, APIs and formulations, majority of which is exported to US and Europe,” it said.
The I-T department seized Rs 1.66 crore in cash and many ‘incriminating evidence’ in the form of digital media, pen drives, documents, etc during the search operation. “During these searches, issues relating to purchases made from bogus and non-existent entities, artificial inflation of certain heads of expenditure, along with suppression of receipts relating to by-product sale were detected,” it said.