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May 15, 2024
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Why Indian HNIs invested in blank-cheque shell cos are facing tax scrutiny
Several high net-worth individuals (HNIs) in India are reportedly facing tax notices for their investments in Special Purpose Acquisition Companies (SPACs), commonly known as "blank cheque companies." The notices come amid increased scrutiny by the Income Tax Department (ITD) on offshore investments, particularly those made in jurisdictions like Bermuda and Cayman Islands.
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