Drugmaker Cipla is being looked into by the income tax division for potential tax evasion and infractions, according to sources with knowledge of the situation who spoke to CNBC-TV18. Nonetheless, the source claims that no tax demand has been made thus far.
On January 31, the department conducted a investigation against the firm.
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According to additional sources, the tax authority is looking into whether Cipla filed false claims under Section 80-IA. According to preliminary research, 400 crore rupees in incorrect claims were filed under that section.
The IT Act’s Section 80-IA allows for a maximum deduction of 100% of profits and earnings from specified firms for 10 consecutive assessment years within a block of 15 years.
