J&K pharma firm searched for profiteering by I-T

A wholesale drug-seller in Jammu and Kashmir was found selling life-saving medicines at a huge premium and investing the profits in the Valley's real estate.

The search carried out Income Tax (I-T) Department sleuths on Thursday, revealed that the seller was concealing income and not disclosing actual earnings in the I-T returns. It had also deposited Rs 47.20 lakh old currency during the demonetisation period.

"The search has yielded incriminating documents and digital evidence that suggest huge concealment of income by the promoter and his family members," the I-T Department said in a release.

"The digital evidence, in the form of hard disc that has been seized, indicates that a part of the sales' proceeds, approximating nearly 10 per cent of the turnover were being kept outside the books of accounts to suppress profits," the release said.

--IANS

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