New Delhi. According to PTI report, the Income Tax Department in Mumbai is conducting a survey on Hinduja Global Solutions (HGS). It has been said in the news that the Income Tax Department is also surveying Hinduja Group Chairman Ashok Hinduja. According to PTI sources, the IT department has conducted surveys at various locations of the Hinduja Group in Mumbai and other cities. Sources informed the news agency that the operation is part of a tax evasion investigation in compliance with IT laws which can only be carried out by the office. Spread within the premises itself. It has also been indicated that the action of the tax department is related to General Anti-Avoidance Rule (GAAR).
The report noted that Hinduja Group did not immediately respond to queries. Hinduja Group owns companies like IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland). The Income Tax Department has focused its attention on the Hinduja Group, a key stakeholder in various sectors of the country. According to sources, group company Hinduja Global Solutions (HGS) is undergoing income tax survey. Hinduja Group aims to create a value of $35-40 billion over the next five to seven years by diversifying into banking, financial services, insurance (BFSI) and expanding into additional sectors.
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HGS saw a significant 92% decline in its consolidated profit to reach ₹18.4 crore in the second quarter ended September 30, 2023. This is much lower than ₹222.88 crore recorded in the same period last year. The company also experienced a marginal growth in consolidated revenue, which grew by 1% in the second quarter to reach ₹1,179.86 crore, compared to ₹1,167.54 crore in the same period last year. The Hinduja family relocated to London in 1979, and the Hinduja Group is one of the wealthiest business entities in England, owning a number of significant real estate properties ranging from manufacturing units to luxurious hotels such as the Old War Office.