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India Inc cries foul over new IT order
Wednesday January 25, 2012 07:59:36 PM,
IANS
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Mumbai: The corporate world Wednesday expressed "serious concerns" over
the directive of the Central Board of Direct Taxes to the Income
Tax Department to visit the premises of taxpayers who have not
been assessed or who have not furnished PAN numbers while entering
into high-value transactions.
In a letter to CBDT Chairman M.C. Joshi and Mumbai's Chief
Commissioner-ITD N.P. Singh, the Indian Merchants Chamber objected
to the proposal, contending that it was 'unwarranted' since it
bypassed existing processes and procedures.
"Such visits by tax officials to premises without checks and
balances and without authority of law are bound to lead to
harassment and possible source of corruption," IMC President
Bhavna Doshi said in her letter.
She pointed out 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."
Doshi urged Joshi to instruct the tax officers to first call for
information on the sources of income and evidences thereof by
giving reasonable time, and in case of no cooperation by the
taxpayer, 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,"
Doshi assured.
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