The direct taxes body said the I-T department had found cyclical trading and transfer of funds among group companies, besides booking of bogus expenses and siphoning off of profits from listed companies, and routing of such funds into their closely held companies to make investments, making of circular transactions.source https://economictimes.indiatimes.com/industry/banking/finance/i-t-authorities-unearth-fictitious-transactions-of-rs-2200-crore-in-pan-india-search-cbdt/articleshow/84714503.cms
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