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Amid IL&FS crisis, 4,000 cancelled NBFCs come under I-T lens for violations

Income-Tax department examining data received from RBI, FIU to check potential tax evasion

Topics
Ilfs Crisis  |  Income Tax  |  Tax Evasion

Shrimi Choudhary  |  Mumbai 


The income-tax (I-T) department is probing more than 4,000 non-banking finance companies (NBFCs) whose licences have been cancelled by the Reserve Bank of India (RBI). According to I-T sources, the department is looking into the origin of assets in the balance sheets of these NBFCs, and whether they were disclosed.

Further, tax officials are examining whether the loans sanctioned by these firms have been used by their borrowers for genuine business purposes. The RBI last month shared the city-wise data with the department. The data has details on companies that are ...

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First Published: Tue, October 09 2018. 05:30 IST

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