Zee Media Bureau
The Income Tax department has exposed that the companies and investors have evaded huge amount of taxes through their open offers.
Meanwhile, the Income Tax department is probing over 77 companies which had issued an open offer of more than Rs 25 crore in FY 13-14.
As per the I-T dept, these companies have evaded huge amount of taxes through sell of shares in the open offers by concealing capital gains of Rs 10,480 cr, gained from share sale.
The revelations appeared after the probe of 4,375 settlements of above Rs 5 lakh.
Companies have also not mentioned about the capital gains in their ITR filling of 926 major transactions, I-T dept said.
The tax dept may take action on the big investors and firms involved in the tax evasion case.
