sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
General »
 How salaried individuals can avail full potential of I-T benefits
 The Central Board of Direct Taxes unveiled new Income Tax Return forms for assessment year 2018-19 on 5 April. Although the manner of filing returns remains the same as compared to last year, certain changes have been incorporated in the new ITR forms.
 Income Tax efiling: Must-do steps to file your IT return for FY 2017-18 on time till you get Form 16
 What are the tax filing deadlines for financial year 2017-18?
 How income tax department can penalise you for under-reporting, misreporting income
 Start your tax planning right now
 Government confident of meeting fiscal deficit, tax revenue targets
 Clarification with respect to the E-way Bill System
 Here is how you can save on taxes
 Here’s all you should know about filing Income Tax Return before March 31
 Tax benefits continue to accrue even after PPF a/c is transferred to another bank

I-T department to seek details
April, 19th 2010

The income tax department will put to the test a bilateral tax treaty with Mauritius to glean information from the tax haven on investors in Indian Premier League teams as part of a wide-ranging probe into the shadowy flow of money into the T20 cricket tournament.

A detailed and full-fledged investigation will now be carried out on all IPL franchisees and the people behind them, a tax department official told ET.

The department will soon write to the Mauritius government asking it to shed light on investors after preliminary information and data on shareholding of some IPL franchises point to flow of funds from complex multi-layered structures in the country, he said.

The cash-rich tournament as well its high-profile commissioner Lalit Modi have long been under the tax departments scanner over allegations that more than one IPL team have foreign stakeholders. But it was only after Mr Modis public smackdown with junior foreign minister Shashi Tharoor that officials have delved deeper into IPLs murky world.

A team of tax officials visited the IPL headquarters in south Mumbai last Thursday and quizzed Mr Modi late into the night. Documents collected from the IPL office and a few franchisees point to a shareholding web and use of accounts in tax havens to make payments, another official told ET.

The taxman has already put the screws on IPL team owners, notably Rajasthan Royals Jaipur IPL Pvt Ltd. Tax authorities have conveyed their reservation to the Foreign Investment Promotion Board, the key government body on foreign investments, on Jaipur IPLs proposal of seeking post-facto approval on raising FDI after issue of shares.

The company was asked to justify direct payments from a Mauritius-based entity even before creation. The department also suspects other tax havens such as Bahamas, the Maldives, Macau and Cayman Islands, among others, but gathering information will not be easy as the country is still in talks for similar agreements with these countries. Tax officials say there are also indications of some shareholders fronting for others in some franchises.

Mr Modi himself has family links with at least one IPL team. Suresh Chellaram, a Nigeria-based businessman who is learnt to own a 44% stake in Rajasthan Royals, is Mr Modis brother-in-law. Similarly, Kolkata Knight Riders, owned by actors Shah Rukh Khan, Juhi Chawla and husband Jai Mehta, has close links with Bollywood producer Karim Morani. He is also referred as a stakeholder but details of the stake have been kept under wraps. Email queries to Kings XI Punjab as well as Kolkata Knight Riders remained unanswered.

Deccan Chargers, owned by media group Deccan Chronicle Holdings of Hyderabad, is the only team to declare its ownership structure. Three teams Delhi Daredevils, Mumbai Indians and Chennai Super Kings have a sole owner.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions