• Notification Date: 29-02-2024
• Notification No: N/A

Income Tax Dept detects Huge Tax Evasion by Alkem Labs Pharma Company

The income tax department's investigation into pharma major Alkem Laboratories has found large-scale tax evasion by the company. 

In September last year, the income tax department conducted surveys on Alkem Laboratories' offices and premises after receiving intelligence regarding a large amount of tax evasion by the company. The investigation continued with statements being recorded from concerned officials and data and balance sheets being checked and investigated by the Income Tax department in the following months. 

According to India Today TV sources, the income tax department has found that the company has claimed bogus and excessive deductions for its manufacturing units in Sikkim. The amount of such alleged bogus claims is said to be over Rs 1,000 crore. Many such deductions were claimed under various special sections like 80-IC, as per sources within the firm. 

Investigations by the income tax department also revealed that the company, Alkem Labs, had been making payments to doctors and medical practitioners to get prescriptions written for their company-made drugs. The period for which the investigation was conducted revealed over hundreds of crores worth of payments made to doctors by Alkem Labs. Sources also claimed that the probe results would lead to heavy penalties for Alkem Labs.