IT raids on Pharma Unit yields 400 Crs in concealed income

Hyderabad: March 02 (H.S): The Income Tax Department has detected “unaccounted” income of about Rs 400 crore after raids on a major pharmaceutical group based in Hyderabad, the Central Board of Direct Taxes (CBDT) said on Monday. The searches were carried out on February 24 at around 20 locations spread across five states.

The CBDT said the pharmaceutical group is engaged in the business of manufacturing of intermediates, active pharmaceutical ingredients (APIs) and formulations, and majority of its products are exported to European countries and the USA.

Sources in IT dept said MSN Pharma.