Income Tax Department raids Divis Lab head office, manufacturing sites
Divis Lab has extended full cooperation to the officials during the search and provided all the information sought.
New Delhi: The Income Tax Department (IT Department), functional under the Department of Revenue of the Ministry of Finance, recently conducted sudden scrutiny of the Divis Lab. Drug firm Divi's Laboratories Tuesday said income tax department has conducted raids at its premises, including its head office and manufacturing sites, between February 14-18. The raids were conducted at company's offices in Telengana & Andhra Pradesh.
The company said the raids were conducted by the officials of Income-Tax Department under Section 132 of the Income-Tax Act.
Section 132 of the Income Tax Act has made validation of certain searches- Any search of a building or place by an Inspecting Assistant Commissioner or Income-tax Officer purported to have been made in pursuance of sub-section (1) of section 132 of the principal Act, (i. e., the Income-tax Act, 1961 )
Search and survey operations are conducted by the Income Tax Department, also called as raids, when they suspect an individual or business to have hoarded illegal money.
"The company has extended full cooperation to the officials during the search and provided all the information sought. The search operation concluded on February 18, 2019, and no irregularities have been found," Divi's Laboratories said in a regulatory filing.
After conclusion, the company will be able to update the stock Exchanges in case of any material information/ event, company added.
Established in 1990, Divi's is a manufacturer of active pharmaceutical ingredients offering products in over 95 countries. The company is engaged in manufacture of generic compounds Nutraceutical ingredients and custom synthesis of APIs and intermediates for global innovator companies.