Some entities of the Hinduja Group came under an Income Tax survey on November 29, news agency PTI reported.
The survey operation was carried out in the said entities located in Mumbai and some other cities, the report said citing official sources.
The income tax survey operation is reportedly part of a tax evasion investigation.
Under the income tax law for survey operations, only office premises were covered, reports said.
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An email sent by PTI to the Hinduja Group did not elicit an immediate response.
According to sources cited by PTI, the income tax department action is also connected to provisions of the General Anti-Avoidance Rules (GAAR).
Hinduja Group owns IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland). The group is currently diversifying and is readying plans to make forays into new tech, digital and fintech.
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According to the group, this is part of its new phase of growth. With a target to offer a full suite of services in the BFSI sector, the group is seeking to fill gaps through acquisitions.
