&w=3840&q=100)
Dalmia Bharat under I-T lens post HC nod on reopening of assessment
Madras HC rules in favour of tax department on reopening Dalmia Cement's case involving KKR's ₹500 crore investment, triggering fresh scrutiny over round-tripping
Dev Chatterjee Shine Jacob Chennai/Mumbai
Listen to This Article
The Dalmia Bharat group is facing an income tax (I-T) scrutiny following a recent ruling by the Madras High Court, which upheld the reopening of I-T assessment proceedings against Dalmia Cement (Bharat) Ltd (DCBL) in a transaction involving US-based private equity giant KKR & Co.
The tax authorities have alleged that an investment of ₹500 crore made by KKR Mauritius Cement Investment Ltd, a KKR & Co investment vehicle, in DCBL in 2010-11 for a 14.99 per cent stake, prima facie suggests round-tripping of unaccounted money by the company.
An email sent to the Dalmia Bharat group on Tuesday did
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
18 minutes ago
- Indian Express
Defence equipment, oil, cars: Where India could lower tariffs to reach deal with US
With US trade negotiators set to reach India Thursday for a two-day visit, the India-US trade deal negotiations are entering their final stage and could soon see Delhi opening its market and lowering tariffs on a range of American products – from select agricultural goods to defence equipment. This is in exchange for concessions on reciprocal tariffs and improved access to the US market for India's labour-intensive sectors such as textile and leather products. The White House said Tuesday that the US had asked countries to make their best offers on trade negotiations by Wednesday, as the July 8 deadline for reciprocal tariffs is just five weeks away. 'I can confirm the merits and the content of the letter. The United States Trade Representative (USTR) sent this letter to all of our trading partners just to give them a friendly reminder that the deadline is coming up,' White House spokesperson Karoline Leavitt said. Improving market access for US exports such as oil, armaments, soybeans, corn, whisky and automobiles could help address Washington's concerns over its goods trade deficit with India and high tariff barriers. US Secretary of Commerce Howard Lutnick said Tuesday that the US aimed to bring back advanced manufacturing and bridge the trade deficit by increasing exports to India, adding that both sides had 'found a place that really works' for them. Indian officials have indicated that diversifying oil and defence procurement is in the country's strategic interest and sourcing more from the US could also significantly help bridge the goods trade gap, as India's refining capacity has been increasing alongside oil import dependency, which surged to 90 per cent in April 2025. India's oil import mix has already undergone a significant shift since the Ukraine war, with Russia emerging as the top supplier, replacing Iraq and Saudi Arabia. Official trade data showed that India had already stepped up oil purchases from the US. India's import of crude oil from the US jumped 11.49 per cent to $63 billion in March 2025 compared to the previous year. India has had long standing defence ties with Russia, owing to its reliability during times when Western countries imposed sanctions. However, the US now appears to be leveraging its position as the world's largest market to boost defence equipment exports to India and reduce Delhi's dependence on Russia. Speaking at the US-India Strategic Partnership Forum (USISPF) in Washington DC, Lutnick said: 'There were certain things that the Indian government did that generally rubbed the United States the wrong way. For instance, they generally buy military gear from Russia. That's a way to kind of get under the skin of America, if you go to buy your armaments from Russia.' He said India is already 'addressing' this issue. According to the Stockholm International Peace Research Institute (SIPRI), the largest share of India's arms imports between 2020 and 2024 still came from Russia at about 36 per cent. However, this was significantly lower than the 55 per cent recorded in 2015-19 and 72 per cent in 2010-14. SIPRI's report released in March suggested that India has increased domestic manufacturing and is shifting its arms supply relations towards Western suppliers – most notably France, Israel and the US – at a time when Russia is prioritising domestic production amid the ongoing Ukraine war. US arms exports grew by 21 per cent between 2015-19 and 2020-24. The US share of global arms exports rose from 35 per cent to 43 per cent – nearly equal to the combined total of the next eight largest exporters, according to SIPRI. From high tariffs on agricultural imports to restrictions on genetically modified (GM) seeds and products, the US has criticised several Indian trade policies that have limited US exports. Under the new trade agreements, the US is seeking increased market access for its agricultural products, especially soya and corn – two of its top export items to China. Amid the likelihood of a protracted trade tussle with China, the US deal with India is likely to ensure greater market access for these two products. Additionally, the US may also secure improved access for its apples. A NITI Aayog working paper in May stated that India could offer some concessions on 'soybean oil imports' to reduce the trade imbalance, without harming domestic production. India is the largest importer of edible oil globally, and the US has a surplus of soybean exports. 'We should also explore the option of importing soybean seed and using it for extracting oil in coastal areas, then selling the oil in the domestic market and exporting the meal, for which there is adequate overseas demand. This will avoid genetically modified (GM) feed entering the Indian market,' the paper, authored by Senior Adviser at NITI Aayog Raka Saxena and Member Ramesh Chand, said. 'Similarly, corn may be imported for ethanol blending, and its by-products – like Distiller's Dried Grains with Solubles (DDGS) – can be entirely exported to avoid GM feed in the country. US corn is cheaper and can be used to meet India's biofuel targets without disrupting local food and feed markets,' it said. Notably, soybeans and corn are among the top exports of US to China and according to a Reuters report, US soybean exports could drop 20 per cent and prices may plunge if the US-China trade dispute remains unresolved. If the trade agreement with the UK is any indication, India is likely to open its highly protected automobile and alcoholic beverage sectors to the US, its largest trade partner. Even before negotiations with the US began, India slashed duties on bourbon whisky to 50 per cent from the earlier 150 per cent. Bourbon whisky is primarily produced in the US, with about 95 per cent made in Kentucky. Under the UK deal, India cut tariffs on automotive imports from over 100 per cent to 10 per cent – although the reduction is phased over 10 to 15 years. A similar, if not more favourable, deal could be offered to the US. President Donald Trump had previously stated that high tariffs in India made it difficult for companies like Harley-Davidson to operate in the country.
Mint
24 minutes ago
- Mint
23andMe Judge Questions Limits for New Auction for Bankrupt Firm
(Bloomberg) -- The judge overseeing the bankruptcy of 23andMe questioned the limits proposed for a second auction that is designed to push bids higher than a current $256 million offer from Regeneron Pharmaceuticals for the genetic-testing firm. US Bankruptcy Judge Brian Walsh asked lawyers for Regeneron and 23andMe to justify the limits they're supporting, but which have been criticized by the only other bidder, a California-based research institute backed by former 23andMe Chief Executive Officer Anne Wojcicki. Walsh has to decide whether to limit the auction in a way that gives Regeneron the chance for a final bid, but not Wojcicki and TTAM Research Institute. The current proposed rules for the auction appear to be 'inefficient,' said Walsh, who also questioned a $10 million breakup fee payable to Regeneron if it loses. All sides were present during a federal court hearing in St. Louis on Wednesday to determine how to revive bidding, after 23andMe held an auction last month that the company initially claimed that Regeneron won with a $256 million final bid. Wojcicki objected after the auction, arguing the bidding was unfairly closed in order to favor Regeneron. The current proposal is 'one-sided with a last look for Regeneron,' Wojcicki's lawyer, Susheel Kirpalani, told Walsh. 'There is absolutely not a level playing field.' Last month's auction lasted three days with each side accusing 23andMe of unfairly favoring their competitor, company bankruptcy attorney Christopher Hopkins said in court. Afterward, TTAM and Wojcicki made a bid that was 'substantially higher' than Regeneron's, he said. 23andMe then proposed a new, final bidding round with the current limits, which Regeneron accepted, but which Wojcicki opposes. Without the limits, Regeneron may cancel its $256 million bid, Hopkins argued. That would mean no more offers would come in allowing TTAM and Wojcicki to get 23andMe for $156 million, since that was their last, binding bid before the auction ended. A wave of customers and government officials have demanded that 23andMe protect the genetic data it had built up over the years by collecting saliva samples from customers. Both bidders have pledged to comply with 23andMe's privacy policy, which allows customers to have their personal information deleted upon request. 23andMe filed for bankruptcy in March after failing to generate sustainable profits by providing medical and ancestry-related genetic testing to more than 15 million customers. About 550,000 people had subscribed to the company's two primary services, which hasn't been enough to keep the company afloat. One of those services, Lemonaid Health, was not part of the sale and will be wound down, 23andMe said in a statement. In the months leading up its bankruptcy, 23andMe tried to attract a buyer while struggling to end a class-action lawsuit related to a 2023 data breach that gave hackers access to customer information. The company will try to resolve those claims as part of the bankruptcy. The case is 23andMe Holding Co., number 25-40976, in the US Bankruptcy Court for the Eastern District of Missouri. --With assistance from Georgia Hall. More stories like this are available on
Economic Times
an hour ago
- Economic Times
Regulating the regulator
Sebi, governing markets for 3 decades, in search of governance rules for itself A high-level committee appointed by Sebi has started consultations with a wide range of stakeholders to address the conflict-of-interest issues and build a comprehensive framework to manage it. As a new regime takes shape, the challenge will be to improve transparency without getting too onerous. HSBC's next move could shake up India's venture debt play London-based FONT SIZE SAVE PRINT COMMENT Refer & Earn
