sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Direct Tax »
 TDS different while buying NRI property Income tax return (ITR) filing
 CBDT plan to incentivise ‘quality orders’ worries trade
 How to save tax using the demat account?
 Income tax returns (ITR) filing: These are evasion cases picked up by Income-Tax department for scrutiny
 Did you get a defective income tax return notice? ITR filing
 Income Tax returns (ITR) filing: All your transactions are under taxman's scanner
 How to pay tax on cryptocurrency assets in India
 Received an income tax notice? Here's what it may mean
 Government appoints 2 new CBDT members
 Here are 6 ways to do it ITR verification
 What is the tax liability on sale of a jointly held property?

Cipla under income tax authorities' scanner
March, 07th 2014

Mumbai based pharmaceutical giant Cipla came under the scanner of the income tax authorities on Thursday for alleged tax evasion. ET NOW was the first to report the development. "The investigative wing of the Mumbai income tax department has conducted extensive survey operations on the factories, units and official premises of Cipla. The probe will verify suspicions of certain non-permissible expenses," said an individual familiar with the development without elaborating further.

In response to a query from ET NOW, a Cipla spokesperson said, " The Income Tax Department has been present at few of Cipla's premises today to verify our records. Cipla strictly abides by the law and pays all taxes as required by all relevant central, state and local departments. We regard these visits as routine and as expected are cooperating fully with the officials."

"It will be interesting to see the outcome of the income tax department survey and whether this is a case where the interpretation of tax laws varies between Cipla and the revenue authorities," said a pharma analyst at a domestic brokerage on the condition of anonymity.

The Cipla stock was the top Nifty loser (down 1.3 per cent) on Thursday, a day when the Nifty touched record highs. The YK Hamied led company recently faced brokerage downgrades post its disappointing Q3 results.

Surveys are conducted under section 133 of the income tax act. They are carried out during business hours and cover only the business premises of companies under the scanner.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Team

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions