Market
Economy27/01/2012  09:02 AM

CBDT order on raids to probe high-value Transactions has no authority of law & may lead to abuse, says IMC

Indian Merchants Chamber has expressed serious concern over the CBDTs directive to the income tax department to visit the premises of the tax payer who have not been assessed or who have not furnished their PAN while entering into high value transactions.

In a letter addressed to Mr M C Joshi, Chairman of the CBDT, and also endorsed to Mr. Narinder Pal Singh, Chief Commissioner of Income Tax in Mumbai, the IMC President, Ms Bhavna Doshi, has said that such visits by tax officials to premises without checks & balances and without authority of law are bound to lead to harassment and possible source of corruption.

Ms Bhavna Doshi has cautioned the CBDT Chairman that the law has built-in safeguards to ensure that there is no undue harassment of taxpayers without adequate reason, and without following proper processes. To bypass such existing processes and procedures is unwarranted.

She has urged the CBDT Chief to instruct the tax officers: * to first call for information on the sources of income and evidences thereof by giving reasonable time; * and, if there is no cooperation from the taxpayers side, to follow the due processes of law.

IMC will be happy to extend any assistance to the Government and tax authorities in their efforts to unearth the black money and delighted to discuss the issue to make the existing processes and procedures more effective without undue harassment of citizens, Mrs Doshi said.

Powered by Capital Market - Live News

Home | Close