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Earnings Tax dept seeks particulars from NRIs, offshore companies on unlisted share offers, flags valuation and fund supply considerations
India’s tax division has requested NRIs and offshore entities to justify investments in unlisted shares, searching for particulars on fund sources and valuations. Utilizing demat knowledge, authorities are probing offers from 2019–23 for potential tax evasion, round-tripping and cash laundering, with non-compliance more likely to set off scrutiny, tax calls for and litigation.
