Income Tax Dept Conducts Survey At Some Entities Of Hinduja Group

The Income Tax department on Wednesday conducted a survey operation at some entities of the Hinduja Group in Mumbai and some other cities, official sources said. The survey operation is being undertaken as part of a tax evasion investigation and offices in Mumbai and some other cities are being covered, they said.

As per the I-T law for survey operations, only office premises are being covered. An email sent by PTI to the Hinduja Group did not elicit an immediate response. Sources said the tax department action is also linked to provisions of the General Anti-Avoidance Rules (GAAR).

The Hinduja Group, which owns IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland), is diversifying and has plans to get into the new tech, digital and fintech as part of its new phase of growth and fill gaps through acquisitions to have complete offerings in the BFSI sector.

(PTI)