Indore: Survey reveals tax evasion of Rs 100 crore by drug company

The survey conducted by investigation wing of income tax department at Parental Drugs India Ltd continued on second day. The investigation team suspects income tax evasion worth Rs 100 crore.

The survey conducted by investigation wing of income tax (I-T) department at Parental Drugs India Ltd continued on second day on Wednesday. The investigation team, which has impounded documents from two premises of one of the leading IV (intravenous) fluid manufacturers, suspects income tax evasion worth Rs 100 crore.

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The two premises searched by I-T sleuths include company's office at Navlakha Square in Indore and factory at Pithampur in neighbouring Dhar district.

The survey and scrutiny of impounded documents continued till filing of this report. The surveys were carried out on company's premises in Indore, Pithampur, Goa, Mumbai and Baddi (Himachal Pradesh) simultaneously. According to information available on website, Vinod Kumar Gupta is company's managing director.

The survey is being carried out by Indore region's investigation wing on directives of its Mumbai office. The survey follows Indore region's move to send Mumbai office a list of business establishments who after having grown big locally shifted office to Mumbai in order to remain anonymous and thus avoid paying tax in full.