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Finance ministry, tax officials to brief parliamentary panel on 2G probe
July, 17th 2012

The top brass of the finance ministry and the income tax department will brief the Joint Parliamentary Committee (JPC) examining the 2G spectrum allocation scam on July 18.

The officials from the I-T and Central Board of Direct Taxes (CBDT) will be led by finance secretary R.S. Gujral and are expected to brief the panel about the progress and status of investigations made in the case till now.

The I-T department would place on record the status of its assessment and tax evasion proceedings that it has conducted so far against various telecom firms and individuals involved in the case.

The department is also expected to brief the JPC members about the directions it has got from the Central Vigilance Commission (CVC) in this case and the steps initiated subsequently.

The I-T department, which has till now detected over Rs 1,500 crore of tax irregularities during its probe in the case, has found that the telecom companies involved in spectrum allocation had sold their controlling stakes to foreign firms through foreign shores after allotment of the spectrum.

It had also issued notices to various firms asking them to pay tax on the capital gains from such transactions, which include a Rs 80 crore tax notice to a real estate development firm under the transfer pricing clause. The joint team of I-T and CBDT officials has briefed the JPC twice earlier.

Earlier this month, the Enforcement Directorate (ED) had briefed the panel about the progress of its probe in the same case.

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