If you have a few million rupees to spar
e and want to avoid the tax man, buying a wind mill might be a good idea. The craze for alternative sources of energy has ensured that a businessman can generate electricity in a wind farm and pay absolutely zilch as income or corporate tax. This has led to many controversies and run ins with the tax man. Even Suzlon has been paid a visit or two by income tax sleuths. The Chennai based Kemkas and the NEPC group they manage, was notorious during the 1990s for perceived abuse of liberal tax laws to create ‘mythical’ wind mills. Wind farms were also associated with the bitter controversy involving Tata Finance, when the erstwhile close aide of Ratan Tata, Dilip Pendse was accused of fraud.
For Complete IIPM Article, Click on IIPM Article
e and want to avoid the tax man, buying a wind mill might be a good idea. The craze for alternative sources of energy has ensured that a businessman can generate electricity in a wind farm and pay absolutely zilch as income or corporate tax. This has led to many controversies and run ins with the tax man. Even Suzlon has been paid a visit or two by income tax sleuths. The Chennai based Kemkas and the NEPC group they manage, was notorious during the 1990s for perceived abuse of liberal tax laws to create ‘mythical’ wind mills. Wind farms were also associated with the bitter controversy involving Tata Finance, when the erstwhile close aide of Ratan Tata, Dilip Pendse was accused of fraud.For Complete IIPM Article, Click on IIPM Article
Source : IIPM Editorial, 2007
An IIPM and Professor Arindam Chaudhuri (Renowned Management Guru and Economist) Initiative
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