Pharma companies surrender Rs 50 cr

Following raids by the Income Tax department on the premises of over 50 offices of three pharma companies on Friday,the latter have made a voluntary surrender of concealed income to the tune of Rs 50 crore.

The department has seized over Rs 2.5 crore in cash and sealed at least 12 lockers belonging to the companies. Surya Pharmaceuticals surrendered Rs 20 crore,while Nectar Lifesciences and Parabolic Drugs surrendered Rs 15 crore each. Rs 2.5 crore was seized from the residence of the owner of Parabolic Drugs in Delhi.

The raid was conducted under the supervision of B L Razdan,Director General of Income Tax (Investigation). A team led by Deputy Director (Investigation) Chetan Rao started the survey.

IT sleuths conducted the search and seizure operations on over 50 business premises,including the residence of the owner of Surya Pharmaceuticals,in Sector 6,Panchkula.