Income Tax Official searches Pharma Company for alleged Tax Evasion:

Income Tax Official searches Pharma Company for alleged Tax Evasion Income Tax officials conducted surprise checks at the homes and offices of a pharmaceutical company's directors in 20 locations across Chennai, Cuddalore, and other areas of the state on Friday. The second wave of searches at Kanwarlal Group companies was conducted after corporate leaders failed to present audited accounts. Searches were conducted at offices and manufacturing operations in Madhavaram, Cuddalore, and Washermenpet, as well as a RA Puram apartment house owned by an auditor and houses of directors. Based on a specific tax evasion accusation, IT searches at 20 locations in October 2023 resulted in the seizure of 70 crore in papers, 1.2 crore in undeclared cash, and 3kg of gold jewellery. According to senior I-T officials' instructions, the company was required to disclose thorough banking records as well as details of documents, cash, and gold jewellery confiscated in October of last year. Kanwarlal Group, based in Gujarat, operates pharmaceutical manufacturing enterprises in Tamil Nadu. A sister company produces medications for Taiwan, China, and Israel, while another produces goods from raw materials and provides them to other Indian pharmaceutical companies.