Mumbai, Aug. 20 -- The Income Tax Department has searched six firms in Mumbai as part of a nationwide verification exercise into suspected irregularities in foreign remittances, with investigators examining transactions involving hundreds of entities and a group of Chartered Accountants.
According to the Central Board of Direct Taxes (CBDT), the wider exercise covers around 394 entities and 36 professionals. Of these, 117 entities are located in districts along India's land borders.
The verification was initiated after data analysis and field intelligence allegedly identified entities that had remitted substantial amounts of foreign exchange despite reporting little or no corresponding business activity.
Officials are examining the entit...