Vg siddhartha missing: i-t dept’s statement brings political twist to case
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“The assessees had transferred the Mindtree Ltd shares to M/s L&T Infotech Ltd 28.04.2019 and received around Rs 3200 crores. Out of this consideration, the assessee had repaid loan of
around Rs 3000 crores and paid expenses related to transfer of 154 crores and the balance of Rs 46 crores was paid towards first instalment of Advance Tax of estimated MAT liability of
around Rs 300 crores in the case of shares of M/s Coffee Day Enterprises Ltd. As against the balance MAT liability of Rs 250 crores and tax liability arising based on search findings to the
tune of approx. 400 crores, the provisional attachment made by the department is less than 40% of the likely tax liability,” the department said in a statement, adding that the Income Tax
department acted as per the provisions of Income Tax Act.