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Income Tax raids

07 Nov 2020

Income Tax raids Chennai-based IT infra group, detects black money Rs 1,000 cr

It was found that the group had borrowed funds from banks on interest and diverted to other group companies free of interest for investments in properties The search also revealed that the group had purchased about 800 acres of land worth at least Rs 500 crore, in the names of various shell companies Applicability of the Prohibition of Benami Property Transactions Act, 1988 to these transactions is being examined

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