Following searches by Income Tax Department at all its units across the country, Sun Pharmaceutical today surrendered ` 120 crore undisclosed income.
Official sources said that based on the reports received from officers of the Investigation Wing of the Department from different parts of the country including Jammu where the company has unit in Bari Brahamana area, the Income Tax Department raised the demand for payment of huge tax.
As the Income Tax Department was having large number of incriminating documents indicating that Sun Pharmaceutical was taking undue advantage of the incentives being provided by the Union Government for setting up units in the backward areas, the company surrendered ` 120 crore undisclosed income, sources said.
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