The income tax department is probing a case against 15 foreign institutional investors (FIIs) for alleged undisclosed investment,It is the learnt that the 15 FIIs include ABN Amro Fund, AIG Global Investment Corp, Asia Pacific Fund, American Century World MF, Union Investment Luxembourg, Threadneedle Investment Fund and Asia Pacific Region Trust.
Sources add that FIIs are facing tax liability in excess of Rs 2,050 crore. TAx notices were sent in early January and relate to assessment year 2008-09.I-T department is conducting probe under Sec 69 for undisclosed investment and claim that FIIs conducted secondary market trades on BSE. The taxmen also say that there has been discrepancy between FII trade data provided by brokers and actual reported income.
However, in their defence FIIs say that broker transaction data is not related to them. The global investors are likely to challenge demand at CIT (Appeals). Sources add that the concerned brokers are likely to come under I-T scanner too.
Sources add that FIIs are facing tax liability in excess of Rs 2,050 crore. TAx notices were sent in early January and relate to assessment year 2008-09.I-T department is conducting probe under Sec 69 for undisclosed investment and claim that FIIs conducted secondary market trades on BSE. The taxmen also say that there has been discrepancy between FII trade data provided by brokers and actual reported income.
However, in their defence FIIs say that broker transaction data is not related to them. The global investors are likely to challenge demand at CIT (Appeals). Sources add that the concerned brokers are likely to come under I-T scanner too.
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