Investigations being conducted by Income Tax department in ascertaining the "source of funds" of Indian Premier League (IPL) franchise Kings XI Punjab are expected to finish within the next two weeks.
"We are hoping that the inquiry initiated by us will finish within the next 10-15 days," a senior official of Income Tax Department told PTI here today while refusing to divulge any details regarding the ongoing inquiry.
Investigation Wing of the IT department (North West Region) has been conducting a detailed inquiry to find out whether there is any irregularity in maintaining books of accounts with special emphasis on locating source of funds of KPH Dreams, which owns Kings XI Punjab.
The department yesterday called officials of Kings XI Punjab and quizzed them. During the questioning, the KXIP officials also submitted some documents including copies of books of accounts sought by the IT sleuths.
The IT department had carried out the inspection of books of accounts while visiting the guest house of the company in Mohali in Punjab on April 23. The officials had then asked the company to submit some documents and had also recorded statements of its officials.
