New Delhi, Oct 10 (Agency) Conducting search and seizure operations on a Hyderabad-based pharma major, the Income Tax (I-T) Department has seized Rs 142.87 crore claiming the amount to be hidden income. “During the search, several bank lockers have been found, out of which 16 lockers have been operated.
The searches have resulted in seizure of unexplained cash amounting to Rs 142.87 crore so far. The unaccounted income unearthed is estimated to be in the range of about Rs 550 crore till now,” the I-T department said in a statement. As per the statement, the pharma group is engaged in the business of manufacturing of intermediates, active pharmaceutical ingredients (APIs) and formulations,’ the statement said. The group exports majority of its products to countries like USA, Europe, Dubai and other African countries. The tax department carried out search operations on about 50 locations in 6 states as part of the crackdown on the group. “Further investigations and quantification of undisclosed income detected is in progress,” the I-T statement said.