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The Income Tax Department carried out search and seizure operations on a Chandigarh based listed pharmaceutical company and its associated concerns. The primary allegation was that the assessee had purchased a Benami land in Indore, in the name of a conduit company. During the search, ample evidence was found and seized which clearly establishes that the Benami company is a conduit of the pharmaceutical company with no real business activity.The Income Tax Department carried out search and seizure operations on a Chandigarh based listed pharmaceutical company and its associated concerns. The primary allegation was that the assessee had purchased a Benami land in Indore, in the name of a conduit company. During the search, ample evidence was found and seized which clearly establishes that the Benami company is a conduit of the pharmaceutical company with no real business activity.taxmann.com NewsRead More