ZBiz Exclusive: The Income Tax Department is now engaged in the investigation of the alleged front running case in Axis Mutual Fund. The IT department is probing the assets and tax filings of the accused fund managers. It is being told that the accused fund managers have not given the property information in the tax filing. Zee Business Tarun Sharma reports.

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Sharma said that now the Income Tax Department is also investigating the front running case of Axis Mutual Fund. In this investigation, some information has come to the fore such as the officials have created many real estate assets. Apart from this, some commercial properties have also been created by them. 

At the time of income tax filing, they have shown zero income from their real estate assets, Sharma said in his report.

Sharma further showing nil income said to the Income Tax Department likely gives two options to the accused. Either they can pay money as deemed rent. But here the Income Tax is also investigating what was the source of their wealth. The IT is investigating if the income of these accused justify the real estate assets that has been made by them, Sharma further said.

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The Income Tax Department is keeping an eye on all the fund managers in the country after the case is brokered out, Sharma informed. Approximately 12 fund managers are on the income tax radar. The department is primarily investigating them.

According to the source, the IT department has not yet sent any notices to the fund managers. But in the coming time, a show-cause notice will be issued by the Department to the fund managers, said Sharma citing the source.