A special team of the Income-Tax Department on Thursday visited the headquarters of the T20 Indian Premier League here in connection with an inquiry into financial details and shareholding patterns of all the IPL franchisees.
Official sources said the visit was part of a “source probe” initiated by the Revenue Department in the Finance Ministry to look into the financing aspects of the multicrore IPL, in the wake of the controversy over the funding of IPL Kochi, the new franchisee. The IPL is housed in the BCCI building at the Wankhede stadium.
The sources maintained that the visit could not be termed a “survey or search” and was undertaken under Section 133 (6) of the I-T Act, which pertains to the power to call for information. The team also sought some documents.
IPL Commissioner Lalit Modi said the I-T team's visit was only an inquiry and not a raid.
The sources said the I-T Department had created a special cell in Mumbai to keep a tab on all income generated by the IPL. The probe had been initiated to find out if there was any illegal flow of funds or whether black money was being pumped into the sporting extravaganza.
Service tax payments
Mumbai Staff Reporter reports:
The I-T Department had reportedly sent letters to IPL officials inquiring about service tax payments. At the time of our going to the press, officers were conducting their inquiry at the fourth floor office of the IPL. Unidentified officials who emerged from the building refused to comment on the issue, saying they were not authorised to speak.
It is learnt the I-T officials also questioned Mr. Lalit Modi at his Worli office over financial matters concerning the franchisees.
