I-T begins probe against telcos with 2G licences | india | Hindustan Times
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I-T begins probe against telcos with 2G licences

The Income Tax department has initiated a post-2008 probe into the finances, investments and returns of all those 122 2G spectrum licence benefactors whose authorisations were scrapped by the Supreme Court recently.

india Updated: May 13, 2012 23:45 IST

The Income Tax department has initiated a post-2008 probe into the finances, investments and returns of all those 122 2G spectrum licence benefactors whose authorisations were scrapped by the Supreme Court recently.

These 122 licences, granted during the time of former telecom minister A Raja, were cancelled by the SC on the ground that they were issued in a “totally arbitrary and unconstitutional” manner.

In its 2G probe case status report, the Central Board of Direct Taxes (CBDT) informed the Supreme Court last week that it has begun scrutinisation of tax statements and multi- billion investments of such firms on the directions of the Central Vigilance Commission (CVC). The CVC is vetting the investigation reports of the department along with the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI), the two other agencies probing the 2G spectrum case.

The CVC, during a meeting with CBDT officials last month, had asked them and the I-T department to focus and probe all those telecom firms who were granted the 122 licences.

The CBDT, subsequently has issued formal orders to all its investigation units across the country, to begin a comprehensive financial probe of these telecom firms with retrospective effect from 2008, sources said. A special unit has been put on the job.

The companies that are now under the I-T scanner are Uninor, Loop Telecom, Sistema Shyam, Etisalat DB, S Tel, Videocon, Tatas and Idea.