Thursday, 21 November 2013

CAG questions Rs 3,000 crore of investments by two Tata trusts

 A detailed audit by the Comptroller and Auditor General of India of some major trusts run by business houses and sports bodies has allegedly revealed misuse ofincome tax exemptions granted to them. Among them are at least two Tata trusts and a number of state cricket associations. 
According to the CAG, Jamsetji Tata Trust and Navajbai Ratan Tata Trust together invested over Rs 3,000 crore in 'prohibitive modes', meaning investments that cannot be accepted as charitable in nature. 

In the wake of the CAG audit, the government has initiated steps to recover over Rs 1,000 crore from the two trusts. 

Sandip Ginodia
We deal in over 60 unlisted companies with 15 years of experience . For latest prices visit : / call : 09830271248 .

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