Rs 1 Crore Cash Seized During Income Tax Raids on Science House Medical Pvt Ltd
The income tax raid on Science House Medical Private Limited has discovered a huge tax evasion. The officials have reportedly seized around Rs 1 crore in cash. Under the investigation, which is still ongoing, the tax officials are checking the investment and incriminating documents.
The Science House Medical Pvt Ltd is a private firm that had two tenders to give diagnostic tests in government hospitals for five years. Under one tender, the company was required to conduct medical tests for the District and Civil Hospitals. These tests include lipid profiles, diabetic tests, CBC, hormonal tests, etc. Meanwhile, under the second tender, the samples from remote areas were collected and processed at the company’s centralised testing facility.
The company had a net worth in the hundreds of crores, but because of substandard test reports or non-functioning machines, it was penalised almost every month, with the penalty going up to Rs 1 crore in some cases.
As per sources, the company is accused of creating fake or shell companies to hide its real income and avoid taxes. The tax department is closely monitoring the bank accounts and tax filings of the company, especially those linked to the owner, Jitendra Tiwari, and his family.
The income tax officials also suspect the company of being involved in the fake billing activities; therefore, the firm’s billing records are under investigation. Another person named Rajesh Gupta is claimed to have been involved in the supply of the medical equipment to the company.
The Science House was actually established with the aim of removing the requirement of installing diagnostic machines in public hospitals, as it was very expensive. However, due to poor quality and irregularities, the company is now facing serious problems along with tax evasion allegations.
