Four IPL franchisees get I-T notice
Posted on: 08:05 PM IST Apr 26, 2010
New Delhi: The Income Tax department on Monday issued notices to four Indian Premier League franchisees - Kolkata Knight Riders, Rajasthan Royals, Kings XI Punjab and Mumbai Indians after reportedly findi9ng discrepancies in their expenditure.
Notices have also been sent to all franchises to furnish the investment details of all the stake holders.
The department has also served notices to Knight Riders (KR) Sports and celebrity management company Gameplan Sports on the basis of search operations on April 22.
Director General (Investigation) of IT, East, Vinod Khurana said that representatives of both KR Sports and Gameplan had appeared before the IT sleuths during the day on the basis of notices issued to them.
He said while KR Sports was given time till next Monday, Gameplan would have to give the replies by Friday.
Asked whether the IT sleuths had found any irregularities so far, Khurana said "let us get the replies first. If discrepancies are found at any point of time, then action will be taken as per the provisions of the IT Act."
IT officials would probe whether there was any tax evasion by the two entities in the transactions which they had entered into in course of the just-concluded IPL matches.