Major Tax Evasion & Frauds Detected By Income Tax Investigation Of Pharma Major Alkem Lab

Major tax evasion and frauds have been detected by Income Tax investigation of pharma major Alkem Lab; documents were seized in the raids that were conducted in last September.

Alkem Laboratories allegedly claimed fraudulent deductions of over Rs 1000 crore and tax evasions making making payments to doctors and medical practitioners to get prescriptions written for their company-made drugs.

Income Tax department had raided Alkem Labs last September and conducted surveys on the pharma offices and premises after receiving intelligence on huge tax evasion. The tax sleuths data and balance sheets of Alkem labs and detected bogus claims and excessive deductions for its manufacturing units in Sikkim. “Bogus claims and deductions were claimed under various special sections like 80-IC. Unaccounted payments of over hundreds of crores were made to doctors by Alkem Labs,” confirmed a senior IT official adding that the pharma company was liable for severe penalties.

This is breaking news. Further details awaited.