New CAG questions Rs 3,000 crore of investments by two Tata trusts

A detailed audit by the Comptroller and Auditor General of India of some major trusts run by business houses and sports bodies has allegedly revealed misuse of income tax exemptions granted to them. Among them are at least two Tata trusts and a number of state cricket associations. The audit report, one of the first to be signed by the new CAG, S K Sharma, is to be tabled in Parliament in the winter session. In the meantime, the CAG has written to the finance ministry, which has advised the income-tax department to initiate action.

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