Company officers weren’t instantly obtainable for feedback.
The raids had been carried out by the tax department on October 6 at about 50 areas in half-a-dozen states.
“During the search, several bank lockers have been found, out of which 16 lockers have been operated. The searches have resulted in the seizure of unexplained cash amounting to Rs 142.87 crore, so far,” the Central Board of Direct Taxes (CBDT) mentioned in an announcement.
“Unaccounted income unearthed is estimated to be in the range of about Rs 550 crore till now,” it mentioned.
Official sources recognized it because the Hetero pharma group of Hyderabad.
Further investigations and quantification of undisclosed income detected is in progress, it added.
The CBDT frames coverage for the Income Tax Department.
The CBDT mentioned the group is engaged within the enterprise of producing of intermediates, energetic pharmaceutical elements (APIs) and formulations and majority of the merchandise are exported to nations just like the US and Dubai, and a few African and European nations. “Issues relating to discrepancies in purchases made from bogus and non-existent entities and artificial inflation of certain heads of expenditure were detected. Further, evidence of on-money payment for purchase of lands was also found,” it claimed. Various different authorized points had been additionally recognized comparable to private bills being booked within the firm’s books and land bought by associated events “below government registration value.” pti