K.V. Chowdary appointed as new CBDT member
Investigations against nine companies involved in the 2G scam will be over by next year, the Central Board of Direct Taxes (CBDT) told the Joint Parliamentary Committee (JPC) on Wednesday.
Briefing reporters here after the meeting, the JPC Chairman, Mr P.C. Chacko, said the panel expressed dissatisfaction over the “slow progress” in the investigation.
“They told us that the probe will be completed by March 2013,” Mr Chacko said. In addition to the investigation on the spectrum scam, the CBDT is also looking into the Aircel-Maxis deal. It will make a presentation on the deal soon, he added.
The CBDT officials told the JPC that they were probing the source of funds of the licensee companies along with the tax implication of dilution of equities and purchases and the genuineness of purchases. The CBDT, which made a presentation to the JPC here on Wednesday, said probe against Reliance Telecom and Tata Realty and Infrastructure Ltd was over.
Apart from the Reliance Telecom and Tata Realty, investigations against Unitech, Etisalat, Videocon, Telenor, Loop Telekom, Cine Yug and Kalaignar Channel are underway, the officials said.
Mr Chacko said the CBDT had completed the assessment of Reliance Telecom and Tata Realty. He said capital gains tax of over Rs 10 crore was imposed on Reliance. “They have paid the tax,” he said.
An amount of Rs 44 crore was imposed on Tata Realty and the company has already paid Rs 10 crore. They have filed an appeal against the CBDT’s assessment, the JPC was told.
On Kalaignar TV, Mr Chacko said, the CBDT was yet to complete its investigation. He said the CBDT told the panel that Kalaignar TV received Rs 52 crore to repay loans worth Rs 200 crore from 18 companies registered in Kolkata. He said the CBDT could not find the details of these 18 companies.
“Their balance sheets are not available to the Income-Tax authorities. That’s a major lacunae in the returns submitted to the I-T Department,” he added.
The JPC will summon the CBI Director on July 24. The Chief Vigilance Commissioner will also be called before the panel soon.
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