During a during verification exercise, many intermediaries admitted under oath to having filed returns with false or unsupported deductions and exempt allowances in exchange for commissions.

Anil Ambani was asked to appear before the ED on Tuesday for questioning in connection to the loan fraud case linked to Reliance Group entities.

The income tax department believes the treaty benefit was wrongly claimed and that profits from the derivatives segment are taxable in India, sources said.

Piyush Goyal, while commenting on the US tariffs, said the government is "examining the impact of the recent events" and will take all necessary steps to "safeguard our national interest".