Income tax raids on pharma company

May 28, 2011 |

IANS

Chandigarh

Tags:

taxes

Undisclosed income worth Rs.55 crore (Rs.550 million) was found during income tax raids at the premises of the Ind-Swift group, a leading pharmaceutical company in northern India, officials said on Saturday.

The raids were conducted late Friday at over 15 premises of Ind-Swift group here, income tax officials here said.

"Our raids have yielded unaccounted money of worth Rs.55 crore. We had conducted raids at their offices and houses in Chandigarh and Panchkula. This is one of the biggest cases of tax evasion from this region. We have seized many documents and our investigation is on," said a senior official of income tax department here.

"Now Ind-Swift has to pay around 35 per cent tax on this undisclosed income by March 31, 2012. It will be somewhere around Rs.19 crore (Rs. 190 million). We have also sealed some lockers of this company," he said.

Ind-Swift had recorded a turnover of nearly Rs.715 crore in 2010 (April to December)whereas it was around Rs.580 crore during the corresponding period in 2009.

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