Rs.800-cr 'CSR racket' across six states uncovered: I-T officials
LUCKNOW, Aug. 24 -- Income tax investigators have uncovered what they say is a massive corporate social responsibility (CSR) fund siphoning racket worth over Rs.800 crores, involving bogus trusts and shell companies across six states.
The Income Tax Investigation Unit in Agra carried out searches at more than 30 locations since August 19, targeting non-profit organisations suspected of misusing CSR donations mandated under Section 135 of the Companies Act, senior Income Tax officials said on Saturday.
The ongoing operation, directed by the principal director of Income Tax (Investigation) in Kanpur, is still continuing with major findings related to tax evasion worth several crores expected, the officials added, asking not to be named.
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