IPL RAID

832 views 1 replies

Hi...i thnk all r known about d raid by IT DEPT  n also d EXCISE dept relating to IPL. ne hav ne idea about related sections , rules etc based on which dey make d steps to raid in offices .....................pls tel me.nd discuss.

Replies (1)

No no man, no raid is conducted by the excise department, they aren't trading goods or manufacturing anything. 

 

Basically, two teams have conducted surveys ( not raids ) -

 

Income Tax Department- A raid (or a search and seizure) is conducted in consonance with Section 132 of the IT Act, it gives power to IT officials to search and 'seize' documents. What they are doing now at IPL offices is survey, where they go to offices and only investigate the evidence, they can't seize it.  A survey is conducted in consonance They can't seize any documents, and the section applicable to this is 133A. 

 

Enforcement Directorate - The ED basically deals with FEMA violations and money laundering investigations. A lot of the companies who have bought the IPL teams have money coming in from tax havens like Mauritius and Cayman Islands, some of the IPL companies have shares sold to foreign investors without FDI clearance, and some have remitted money without requisite RBI clearance. To look into all this, ED is bought in. Refer to Section 3 of the FEMA Act, most of the franchises have been booked under this section.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
Featured 16 July 2026
CA Inter, CA Intermediate, CA IPCC, CA CPT, CA SemiQualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
23 July 2026
Semi qualified CA

Garg Bros & Associate CA

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 23 July 2026
Article

Gianender & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details
Company
16 July 2026
CA Inter, CA Intermediate, CA IPCC, CA CPT , CA SemiQualifie

Vakilsearch.com

Chennai

CA Inter

View Details
Company
ARTICLESHIP 11 July 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
11 July 2026
CA semi qualified

Vakilsearch.com

Chennai

CA Inter

View Details
Company
Featured 16 July 2026
Semi Qualified Company Secretary

Vakilsearch.com

Chennai

CS

View Details