The Income Tax (IT) Department has conducted surveys on Mumbai-headquartered pharmaceutical MNC Alkem Laboratories Ltd on Thursday morning for alleged tax evasion. The IT surveys continued till late night at Alkem Labs' Mumbai, Rajasthan and Hyderabad offices. The pharma major manufactures and markets genetics, formulation and nutraceuticals drugs in India and globally and clocked sales of ₹2967 crore in June 2023.
Discrepancies alleged
Taxmen surveyed the Lower Parel corporate headquarters of Alkem Labs based on credible intelligence of alleged discrepancies in its books and tax evasion. Most of it relates to offshore sales which form a major chunk of the business, confirmed a senior IT official.
Earlier in June, Alkem Labs executive director Sarvesh Singh had purchased a Rs33 crore apartment in Bandra paying ₹98,000 per sq/feet for the 3413 sq/ feet flat in Satguru Rendezvous. Alkem Labs confirmed the IT surveys and said Once the survey by the I-T Department concludes, the company will update the stock exchanges in case of any material information / event. The company further in a media statement said it is fully cooperating with the tax officials and are responding to the queries raised by them.
