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Article: India Art Summit under I-T scanner.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- August 23, 2008
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India Art Summit under I-T scanner
New Delhi, Aug 23 (PTI) -- With Indian art market estimated to be worth more than Rs 1,000 crore, the Income Tax department is now closely monitoring various art galleries for tax evasion, especially in the wake of country's first-ever India Art Summit currently being held in the capital.
Highly placed sources in the department have said that the three-day Art summit, which began on Friday, is being "closely monitored" by the department.
"A lot of people have now started investing in art and subsequently evading tax by under-valuing their purchase," an official involved in the exercise said.
The ...