Alkem Labs ‘categorically’ denies reports of income tax evasion, stock recovers

I-T investigation reportedly uncovers large-scale tax evasion by Alkem Laboratories, with alleged deductions exceeding Rs 1,000 crore.

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Shares of Alkem Laboratories nosedived 12 percent in trade on February 26 following reports that the Income Tax Department’s investigation into pharmaceutical giant revealed substantial tax evasion by the company.

At 1.13 pm, shares of Alkem Labs were trading at Rs 4,790.85 on the NSE.

Last September, the Income Tax Department initiated surveys on Alkem Laboratories’ offices and premises following intelligence indicating significant tax evasion by the company. The investigation progressed with statements recorded from relevant officials and scrutiny of data and balance sheets by the Income Tax Department over subsequent months.

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India Today reported, quoting sources, that the Income Tax Department has discovered that Alkem Laboratories allegedly made bogus and excessive deductions for its manufacturing units in Sikkim. The purported value of such deductions is claimed to exceed Rs 1,000 crore. Numerous deductions were reportedly claimed under various special sections like 80-IC, according to sources within the firm.

Further investigations by the Income Tax Department revealed that Alkem Laboratories had been making payments to doctors and medical practitioners in exchange for prescriptions of their company-manufactured drugs. The investigation period revealed payments totalling hundreds of crores made to doctors by Alkem Laboratories. Sources also suggest that the probe findings may result in significant penalties for Alkem Laboratories.