In the financial year ending March, 2013, the Adani Group allegedly availed a benefit of Rs 234 crore by way of tax exemption that it was not entitled to. Curiously the total assessed income of the company for that period was only Rs 6,000. In another case, Adani Exports was allegedly granted a deduction of Rs 179 crore when its total assessed income was only Rs 74,000. These are some of the many charges brought in by CAG in its report on partnership firms tabled in Parliament on Friday. According to the report, the Income Tax (IT) department in the assessment year 2010 assessed the total income of Adani Exports at Rs 6000 after allowing a (tax) deduction of Rs 234.39 crore under Section 10 AA of the Income Tax Act. Scrutiny of the partners case revealed that partners had claimed exemption of above deducted amount under section 10(2A) of the act thereby leading to excess exemption by an equal amount. This resulted in excess exemption of Rs 234.39 crore under section 10(2) A, the report notes. -Times of India : timesofindia.indiatimes/india/Adanis-got-Rs-234-crore-undue-tax-exemption-CAG-says/articleshow/38637190.cms
Posted on: Sun, 20 Jul 2014 20:03:46 +0000