The Income Tax Department (Investigation wing), Panchkula, conducted surveys and raids on Friday at as many as 51 premises belonging to three pharmaceutical companies: Surya Pharmaceutical, Nectar Pharmaceutical and Parabolic Pharmaceuticals. While 39 premises belonging to the three companies were raided, survey on 12 others were conducted. As many as 51 teams of I-T sleuths were involved in the massive operation.
The raids began early in the morning at some premises located in Chandigarh, Panchkula, Patiala, Baddi, Jammu, Delhi and Mumbai. The operation was carried under the supervision of Director (Investigation, Income Tax) Y R Saini. The department has taken into possession relevant documents. The operation was on till the filing of this report.
I-T sleuths also conducted raids at the residence of Goyals, owners of Surya Pharmaceuticals in Sector 6, Panchkula. The teams reached the house around 10.30 am and the raid continued till afternoon. The Goyals own pharmaceutical manufacturing as well as retailing plants in Himachal Pradesh, Punjab and Jammu and Kashmir; they also run a unit where they manufacture mint derivatives. Recently, they had ventured into the field of education and opened an engineering college on Rajpura-Ambala Road. The company had also signed a deal with US-based Crocs Footwear Company to import medical footwear in the country. The company’s business focuses on Contract Manufacturing, Custom Synthesis, FTE Research, and the manufacture and marketing of pharmaceuticals products. The company is one of the largest exporters of mint/menthol derivatives. “We have taken into possession all the relevant documents; we will assess them to ascertain if there has been any tax evasion,” said a senior I-T official.
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