Income Tax Department carried out search and seizure operations in the case of a Chandigarh based listed pharmaceutical company and its associated concerns.<br />'' <br />''The Tax Department conducted the search operation on 13th of this month at  11 premises spanning Chandigarh, Delhi and Mumbai.<br />'' <br />''The Central Board of Direct Taxes in a statement said that the primary allegation against the group was that the assessee company had purchased 117 acres of Benami land in Indore, in the name of a conduit company.<br />'' <br />''During the search, ample evidence has been found which clearly establishes that the Benami company is a conduit of the pharmaceutical company with no real business activity.<br />'' <br />''<span style="color: #222222;">All the dummy directors and shareholders of the Benami company have also admitted in their respective statements that the company was a shell company with no real business activity and the land in Indore had been bought from the funds of the listed company for the benefit of the Managing Director.</span><br />