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Hetero News: IT raids in Hyderabad: Income tax department raids pharmaceutical company in Hyderabad, finds Rs 142 crore in cash and undeclared assets worth Rs 550 crore

Hetero News: IT raids in Hyderabad: Income tax department raids pharmaceutical company in Hyderabad, finds Rs 142 crore in cash and undeclared assets worth Rs 550 crore
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Hetero News: IT raids in Hyderabad: Income tax department raids pharmaceutical company in Hyderabad, finds Rs 142 crore in cash and undeclared assets worth Rs 550 crore

Hetero News: IT raids in Hyderabad: Income tax department raids pharmaceutical company in Hyderabad, finds Rs 142 crore in cash and undeclared assets worth Rs 550 crore

Hyderabad
The Income Tax Department recently raided the Hyderabad-based Hetero Pharmaceutical Group. The raid uncovered unaccounted assets worth Rs 550 crore. Surprisingly, the department has recovered more than Rs 142 crore in cash since the raid.

The Income Tax Department conducted the raids on October 6 in about 50 places in half a dozen states. The Central Board of Direct Taxes (CBDT) said, “During the search, several bank lockers were found, 16 of which were in operation. An undisclosed amount of cash worth Rs 142.87 crore has been seized so far.

Undeclared income found
The unaccounted income revealed so far is estimated at Rs 550 crore, the statement said. Officials said further investigations and undisclosed income are being investigated.

The company’s business is also abroad
The CBDT, which formulates the policy for the income tax department, said the group is involved in the manufacture of intermediate, active pharmaceutical components (APIs) and formulations. Most products are exported to the US and Dubai and some African and European countries.

There were many scams of money
The department said discrepancies in purchases made by bogus and non-existent entities and issues related to the artificial inflation of some spending heads were discovered. Apart from this, evidence has been found that cash was paid for the purchase of land. Many other legal issues have come to the fore.

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