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Medical exporter admits revenue of Rs 350 crore benami | India News

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NEW DELHI: The central direct tax board has claimed that a leading Hyderabad-based pharmaceutical group, with most of its drugs exported to the US and Europe, has admitted to generating 350 million rupees of black money, while Income tax searches have revealed no income of more than Rs 400 million has been disclosed.
“The search has led to the discovery of evidence related to unaccounted income of around 400 million rupees, of which the assessed group has admitted an additional income of 350 million rupees,” CBDT said. More research is underway. A search of the pharmaceutical group was conducted on February 24 at more than 22 locations in five states. “The group is in the business of manufacturing intermediates, APIs and formulations, most of which are exported to the United States and Europe,” he said.
The IT department seized Rs 1.66 crore in cash and a lot of “incriminating evidence” in the form of digital media, flash drives, documents, etc. during the search operation. “During these searches, problems related to purchases made from false and non-existent entities, artificial inflation of certain spending items, together with the suppression of receipts related to the sale of by-products,” he said.

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