Dolo-650 manufacturer faces raids by I-T dept in tax evasion case

A team of more than 20 officers associated with the I-T dept conducted the raids on the pharma company's Race Course Road office

tax, taxes, taxation, tax evasion, I-T raids, Income tax
According to the sources, the company has struck gold in successive waves of Covid-19 pandemic. The company has sold 3.5 billion tablets since the Covid-19 outbreak in 2020
BS Web TeamAgencies New Delhi
2 min read Last Updated : Jul 07 2022 | 2:54 PM IST
The Income Tax department raided the office of the manufacturer of popular drug Dolo-650, Micro Labs Limited, located in Bengaluru, on Wednesday. Dolo-650 tablet became a popular drug after its widespread use by Covid-19 patients over the last two years. The pharmaceutical company faces allegations of tax evasion.

Officials at the Income Tax department have said that it is now looking at pharma company's financial documents, balance sheets and business distributor networks as part of their searches.

A team of more than 20 officers associated with the I-T dept conducted the raids on the Race Course Road office of the drug manufacturer. According to PTI, sources in the I-T department said that simultaneous raids were conducted at 40 locations by 200 officers across the country, including New Delhi, Sikkim, Punjab, Tamil Nadu and Goa. Sources said that the residences of Micro Labs CMD Dileep Surana and Director Anand Surana were also raided. 

The company had struck gold in successive waves of the Covid-19 pandemic. It sold 3.5 billion tablets since the Covid-19 outbreak in 2020 and earned revenues of Rs 400 crore in a year, with Dolo-650 sales breaking all records.

The company on its website mentioned that it was engaged in the making and marketing of pharmaceutical products and has 17 manufacturing units across the country apart from its business overseas. 

One subscription. Two world-class reads.

Already subscribed? Log in

Subscribe to read the full story →
Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

Topics :pharmaceutical firmsIncome Tax raidIncome Tax departmentIT raidsTop 10 headlinesPharmaPharma Companies

Next Story