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Suzlon under IT scanner

Written by: Staff
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Pune/Mumbai, Apr 7 (UNI) Income Tax (IT) sources today said that the department would investigate depreciation claimed by Suzlon Energy Limited for its several windmills to the tune of Rs 1,000 crores in the state.

Without naming either the beneficiaries or the company, IT commissioner, Shiv Kumar Sharma told reporters that huge discrepancies were found in the 400 windmills owned by a leading, listed company engaged in business. Of the 400 units, 300 units are in Dhulia district and the remaining 100 in Sangli.

Mr Sharma said, ''searches are on and some people and a company whose shares registered a steep increase are under the scanner,'' refusing to divulge any further information.

Earlier in the day, Suzlon Energy Ltd informed the Bombay Stock Exhange (BSE) that the Income Tax authorities carried out survey proceedings on the company's premises under Section 133 A of the Income Tax Act, 1961.

The survey proceedings were also carried out at wind farm locations where the company's customers have invested in wind power projects, said a company communique to the BSE.

''Suzlon's officials and employees fully cooperated with the investigators,'' the communique said, adding that it also submitted all records to the authorities as a good corporate citizen and volunteered to do so whenever required at any point in time.

''The company understands that the investigations are part of normal procedure and as such, will have no adverse impact on the company's current or future business plans,'' it said, adding ''the company as an organisation continues to conform to the highest standards of corporate governance.'' Stating that the situation was a result of unfortunate misunderstandings of the wind energy industry, the communique went on to say that the accelerated depreciation benefit available to the customers of wind turbine generators is merely a cash-flow advantage and needs to be understood in that context.

Increasingly, the key drivers attracting investment in wind energy are its great potential as a captive power source, and as a catalyst for business growth,'' it added.

UNI DW/GC PP NV2101

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