Taxman raids Sterling Biotech on alleged bogus purchases

After a lull, the taxman is back to search and seizure operations as far as India Inc is concerned. And this time around it's the pharma sector under the scanner. CNBC-TV18's Ashwin Mohan reports.

Sterling Biotech was raided by the sleuths of the I-T department earlier this morning. Sources say, the raids were based on alleged tax evasion.
As of now, there has not been any cash disclosures or cash seizures from the company. The raid operations are still going on with statements of company officials being recorded.
Sterling Biotech has not given out any official response so far.
March 2011 was the last busy month of the investigative wing of the Income Tax department. That was when the Amtek and Kanakia Group came under scrutiny as far as search operations were concerned.