Income-Tax Department conducting surveys on Ashok Hinduja, Hinduja Global Solutions
Hinduja Global Solutions (HGS) in Mumbai, as per an ANI report. Besides this, a survey is also underway on Ashok Hinduja, Chairman of the Hinduja Group of companies. More details are awaited.
The I-T department has carried out a survey at several Hinduja Group locations in Mumbai and other cities, PTI has reported. Sources told the news agency that the operation is part of a tax evasion probe and adheres to I-T law for survey operations which is confined to office premises. They also indicated the tax department's action connects with the General Anti-Avoidance Rules (GAAR).
Hinduja Group did not immediately respond to queries, it added. A business process management firm, HGS witnessed a 92 percent decline in consolidated profit to ₹18.4 crore for the second quarter ending on September 30, 2023. This is substantially down from the ₹222.88 crore recorded in the corresponding period last year.
The company also experienced a marginal upturn in consolidated revenue from operations, edging up 1 percent to reach ₹1,179.86 crore in Q2, compared to ₹1,167.54 crore a year ago. However, despite the drastic annual decline, HGS managed an 11 percent increase in profit on a sequential-quarter basis. This sequential growth may indicate a potential recovery or stabilisation for the company moving forward.
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