CBDT finds Rs 300-crore tax evasion at pharma firm Micro Labs, maker of Dolo tablets, Health News, ET HealthWorld

CBDT finds Rs 300-crore tax evasion at pharma company Micro Labs, maker of Dolo tablets

The Central Board of Direct Taxes ,CBDT) on Wednesday stated it has detected a tax evasion of Rs 300 crore throughout a search carried out on a Bengaluru-based pharma firm.

While the CBDT didn’t identify the corporate, sources from the Income Tax Department instructed ET the corporate was Micro Labs, the maker of the Dolo tablets that assist relieve ache and fever.

A press release issued by the CBDT stated tax officers carried out searches on July 6, protecting round 36 premises unfold throughout 9 states.

It stated the group allegedly had been debiting in its books of account unallowable bills on account of distribution of freebies to medical professionals beneath the top ‘Sales and Promotion’. These freebies included journey bills, perquisites and items to docs and medical professionals.

The quantum of such freebies is estimated to be round Rs 1,000 crore and the quantity of tax evaded is over Rs 300 crore, the division stated. During the search, unaccounted money of Rs 1.20 crore and unaccounted gold and diamond jewelery value over Rs 1.40 crore had been seized, it stated.

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