Officials from the Income Tax (I-T) Department surveyed the premises of Dishman Pharma over the weekend. JR Vyas, its chairman and MD says that it quizzed the company over tax exemption for a sale of land from Dishman SEZ to Dishman Pharma for Rs 42 crore. The exemption under (section) 80 existed then, but now the I-T is demanding tax for the same, Vyas tells CNBC-TV18. “We will take necessary action”, he adds.
Also read: Expect to cut debt by Rs 70-80 cr this year: Dishman Pharma Below is the edited transcript of his interview to CNBC-TV18. Q: What exactly happened? Did officials of the I-T department visit your company? A: It was supposed to be a survey raid. They interviewed us for almost 24 hours. Q: What have the findings been from that particular survey? A: We sold a land from Dishman SEZ to Dishman and claimed it under the (section) 80 I-T (Income Tax) exemption, which was there during the transaction. It states that this exemption is not there. It was there when we bought the land and have claimed it. Q: What was this amount involved in the sale of land? A: Rs 42 crore. Q: Were the IT department satisfied with your explanation? A: No, they are not. Q: Will you dispute the matter in court? Have they asked you to pay tax on that Rs 42 crore? Are you going on appeal? A: We will take the necessary action. Q: Is the probe going on now or has the survey has been completed now? A: It happened on Friday and Saturday. Sunday was a holiday. So it is still going on.Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
