April 15, 2010 8:41 PM

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Income Tax enquires financial details of IPL franchise

A special team of the Income Tax Department on Thursday visited the headquarters of Indian Premiere League, IPL in Mumbai to enquire into financial details and share holding patterns of all the IPL franchisees. Official sources said the team's visit was part of a source probe that has been initiated by the Department of Revenue in the Ministry of Finance to look into the financing aspects of the multi-crore IPL. The team also sought some documents. The move comes in the wake of the controversy over the funding of IPL Kochi, the new franchisee. Meanwhile, IPL Commissioner Lalit Modi said the IT team's visit was only an inquiry and not a raid. Sources said, the probe has been initiated to find out if there is any illegal flow of funds or whether any black money in being pumped into the sporting extravaganza including from foreign shores. The probe move came even as the CPI-M said the government should inquire into the source of certain funds flowing into the tournament and reconsider whether any tax exemptions or concessions are justified for this commercial enterprise. In a related development, Minister of State for External Affairs Shashi Tharoor today met Congress President Sonia Gandhi in the wake of controversy surrounding IPL Kochi franchise. Mr. Tharoor is facing allegations that he had misused authority to help his friend Sunanda Pushkar to get free equity of the value of 70 crore rupees in IPL Kochi franchise. There was no official word on the meeting but the minister is understood to have explained his side of the version to Mrs. Gandhi. Party sources said that Mr. Tharoor may get a respite in the matter, at least for the time being, in the backdrop of accusations that Gujarat Chief Minister Narendra Modi and IPL Commissioner Lalit Modi had got together to take the Kochi bid away to Ahemdabad. Indian Premier League's Kochi franchise on Thursday alleged that Lalit Modi is targeting the new team under pressure from the Gujarat Chief Minister.

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