Home Audit & Assurance Income Tax Official searches Pharma Company for alleged Tax Evasion

Income Tax Official searches Pharma Company for alleged Tax Evasion

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Income Tax Official searches Pharma Company for alleged Tax Evasion

Earnings Tax Official searches Pharma Firm for alleged Tax Evasion

Earnings Tax officers performed shock checks on the properties and workplaces of a pharmaceutical firm’s administrators in 20 areas throughout Chennai, Cuddalore, and different areas of the state on Friday.

The second wave of searches at Kanwarlal Group firms was performed after company leaders did not current audited accounts.

Searches had been performed at workplaces and manufacturing operations in Madhavaram, Cuddalore, and Washermenpet, in addition to a RA Puram residence home owned by an auditor and homes of administrators.

Based mostly on a selected tax evasion accusation, IT searches at 20 areas in October 2023 resulted within the seizure of 70 crore in papers, 1.2 crore in undeclared money, and 3kg of gold jewelry.

In line with senior I-T officers’ directions, the corporate was required to reveal thorough banking data in addition to particulars of paperwork, money, and gold jewelry confiscated in October of final yr.

Kanwarlal Group, based mostly in Gujarat, operates pharmaceutical manufacturing enterprises in Tamil Nadu. A sister firm produces drugs for Taiwan, China, and Israel, whereas one other produces items from uncooked supplies and supplies them to different Indian pharmaceutical firms.

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