RIL says tax tribunal satisfied with Biometrix deal

Reliance Industries said it was not aware of any inquiry into the funds received by entities connected with it or its promoters from Singapore-based Biometrix Marketing.

It also said, as far as it was aware, that the Income Tax Appellate Tribunal “was satisfied with the source of funds”.

The clarifications came after report by the Hindu Business Line said the Foreign Tax and Tax Research division of the Income Tax department has sought information from various countries, including Singapore, on the ₹6,500-crore investment.

This, said Business Line, was part of a broader relook at all pending cases involving Reliance Industries after adverse comments were made by India’s Comptroller and Auditor General.

The Foreign Tax and Tax Research division examines tax implications of cross border transactions.

The investments were made into Reliance Ports and Terminals, Reliance Utilities, Reliance Gas Transportation Infrastructure and Relogistics Infrastructure, the report said.

“The investments made by Biometrix into Indian entities were in compliance with applicable law and have been scrutinized and investigated by Regulatory Authorities,” RIL said in its response.

“We have participated and fully co-operated in the investigation and the Regulatory Authorities have been apprised of the true and correct facts,” the oil-to-telecoms giant said. “The Income Tax Appellate Tribunal, the highest fact finding authority, was also satisfied with the source of funds.”