The Income-Tax Department has not given ‘clean chit’ to any of the NSEL investors as regards sources of their investment funds in crisis-ridden National Spot Exchange Limited (NSEL).
This was stated by Arjun Ram Meghwal, Minister of State for Finance in a written reply to Lok Sabha question on Friday last.
Investigations were initiated by the I-T Department in cases of members/brokers of NSEL and investors with substantial amounts with a view to verify the source of investment and whether the profits arising out of such investments had been disclosed to the income tax authorities.
The results of investigation were disseminated to the jurisdictional assessing officers for appropriate action.
Further, information on 12,735 and 9,589 traders/brokers suspected to have claimed bogus bad debts/violated provisions of Section 44AB of the Income-Tax Act, respectively were received from NSEL in June 2016.
This information was disseminated to field authorities for appropriate action, Meghwal added.
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