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Alkem Labs plunges more than 13%, sees biggest single-day fall in over 3 years on tax evasion allegation
In September last year, the tax department conducted surveys on the offices and premises of the company after receiving intelligence regarding a large amount of tax evasion. The I-T department has found that the company claimed bogus and excessive deductions for its manufacturing units in Sikkim. Many such deductions were claimed under various special sections like 80-IC, as per news reports.