On Wednesday, the Income Tax Department conducted a review of various firms associated with the Hinduja Group in Mumbai and other locations. The assessment is also being carried out at the home of Ashok Hinduja, the chairman of the company's India unit.
The poll is being conducted in conjunction with a tax evasion investigation under the General Anti Avoidance Rules (GAAR). According to sources, certain transactions were carried out expressly to escape taxes under Income Tax guidelines.
Following that, the I-T department launched a survey against the Group. Only office premises are covered by the Income Tax Department's law for survey operations.
IndusInd Bank, Hinduja Leyland Finance, Hinduja Bank (Switzerland), Ashok Leyland, Ashok Leyland Foundries or Hinduja Foundries, Switch Mobility, PD Hinduja National Hospital and Medical Research Centre, Hinduja Tech Limited, NXTDIGITAL Ltd, and Hinduja Realty Ventures Limited are all part of the Hinduja Group.
As part of its new phase of expansion, the Group is diversifying and intends to enter new tech, digital, and fintech. It also intends to remedy gaps in its banking, financial services, and insurance (BFSI) capabilities through acquisitions.
The Group, founded in 1914 by Parmanand Deepchand Hinduja, has its roots in India but has developed greatly throughout Europe, Asia, the Middle East, and the Americas.
