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FinMin Probing Overseas Deals For Tax Evasion

PTI 12 Dec 2010, 13:11:05 IST
New Delhi, Dec 12 (PTI) The Finance Ministry has begun its maiden investigation into over 100 offshore "financial structuring deals" undertaken by Indian business entities in foreign tax havens to allegedly evade the taxman's net.

The multi-pronged probe has been undertaken by the international taxation wing of the Income Tax department and the foreign taxation unit in the Central Board of Direct Taxes (CBDT).

A number of investments and deals to the tune of billions of rupees have been already executed in tax havens like the Mauritius, Isle of Mann, Cyprus, British Virgin Islands and Bermuda, amongst others.These deals will be scrutinised by the investigators, who are also travelling to some of these countries to collect additional information.