Income Tax Dept conducts survey on Hinduja Group

The Income Tax Department launched a survey operation at certain Hinduja Group firms in Mumbai and other cities on Wednesday, as per official sources.

The survey is being conducted as part of a tax evasion probe, and workplaces in Mumbai and other cities are being covered, they claimed.

Only office premises are covered by the I-T law for survey operations. An email sent to the Hinduja Group did not receive a quick response.

According to sources, the tax department’s action is also related to the requirements of the General Anti-Avoidance Rules (GAAR).

The Hinduja Group, which owns IndusInd Bank, Hinduja Leyland Finance, and Hinduja Bank (Switzerland), is diversifying and seeks to get into new tech, digital, and fintech as part of its next phase of expansion, as well as address gaps in the BFSI industry through acquisitions.