The Income Tax department on Wednesday carried out a survey operation at Hinduja Global Solutions in Mumbai and other cities. The survey operation is also being conducted at the residence of Ashok Hinduja, who is the chairman of the company’s India business.
The survey is being carried out in connection with a tax evasion probe under the General Anti Avoidance Rules (GAAR). Certain transactions, which were specifically carried out under the Income Tax rules, were conducted to evade taxes, sources said.
After this, the I-T department intitated survey operation against the Group. As per the Income Tax department’s law for survey operations, only office premises are being covered.
The Hinduja Group owns IndusInd Bank, Hinduja Leyland Finance, Hinduja Bank (Switzerland), Ashok Leyland, Ashok Leyland Foundries or Hinduja Foundries, Switch Mobility, PD Hinduja National Hospital and Medical Research Centre, Hinduja Tech Limited, NXTDIGITAL Ltd, and Hinduja Realty Ventures Limited among others.
The Group is diversifying and has plans to get into new tech, digital and fintech as part of its new phase of growth. It also aims to fill gaps through acquisitions to have complete offerings in the banking, financial services and insurance (BFSI) sector. Established in 1914 by Parmanand Deepchand Hinduja, the Group has its roots in India and has expanded its presence significantly in Europe, Asia, the Middle East and the Americas. PTI