Dolo-650 producer’s premises looked through over ‘tax avoidance’
The tax department is viewing at monetary records and articulations of the organization as a component of the ventures, authorities said. Further subtleties were not revealed by the department.
The Income Tax Department on Wednesday conducted searches at the premises of Bengaluru-based pharmaceutical company Micro Labs Ltd, the manufacturer of Dolo-650 tablet for alleged tax evasion. The medicine, prescribed for reducing fever and pain, was widely used during Covid-19 pandemic.
The tax department is looking at financial records and statements of the company as part of the searches, officials said. Further details were not disclosed by the department.
The organization is taken part in making and advertising drug items and APIs (dynamic drug fixings) and has 17 assembling units the nation over separated from leading business abroad.
Its major pharma products are Dolo-650, Amlong, Lubrex, Diapride, Vildapride, Olmat, Avas, Tripride, Bactoclav, Tenepride-M and Arbitel.
In the words of the company, Dolo-650, is “virtually a household name across the country”.
The company website showcased a news article, published in February, on its website that said: “The company has sold 350 crore tablets (of Dolo-650) since the Covid-19 outbreak in 2020, and earned revenues of ₹400 crore in a year.”
The CMD of the company, Dilip Surana, has been quoted in the story.