Hinduja Group targeted by IT Department…?
Hinduja Group company Hinduja Global Solutions (HGS) has been accused of tax evasion of about Rs 2,500 crore. The Income Tax Department has made this allegation in an internal report after an investigation of about 9 months.
Internal report after 9 months of investigation
According to ET, the Income Tax Department submitted the related internal report earlier this month. The department was investigating the matter for the last 9 months. In the investigation, the Income Tax Department found that HGS merged a loss-making entity to evade tax, while the healthcare business was divested with profit.
The matter is related to this deal
In fact, Hinduja Global Solutions had sold its healthcare business to wholly-owned subsidiaries of Betaine BV, a fund associated with Bearing Private Equity Asia. Later it was merged with NXT wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital, the wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital media and communication business unit of Hinduja Global Solutions. The Income Tax Department says that NXT wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital was a loss-making company and the merger was done solely to save tax.
survey was done last year
ET has quoted a senior official of the Income Tax Department as saying that the investigation has been completed. The investigation has found that the purpose of the merger was only to save tax. For this reason, a demand of Rs 1,500 crore and capital gains of Rs 1,000 crore has been made under GAAR. The Income Tax Department had surveyed the company's premises in november 2023 in this regard.
The company believes - there was no irregularity
On the other hand, the company says that it has not received any such notice. The company believes that the merger that is being talked about is completely according to the rules and laws. Questions were raised in the survey of the Income Tax Department last year regarding the merger. The company had given a proper reply and submitted the necessary documents. Since then, the company has not received any kind of demand notice.
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