The Hindu Business Line : I-T Dept seized assets worth Rs 287 cr in April-Jan

Advertisement

New Delhi March 3 The Income-Tax Department has conducted 2,659 search operations during April-January 2007 and seized assets worth Rs 286.89 crore, including cash seizure of Rs 142.40 crore.

Official sources said that the tax department had conducted 3,364 searches in 2005-06 and seized assets worth Rs 351.69 crore. Meanwhile, tax experts said that the Budget proposals to bring in a new scheme for levy of penalty in search cases and also to specify that the Settlement Commission would not entertain search, reassessment cases do not augur well in an era where expeditious disposal of a complex matter is desired. "Once the Finance Bill is passed, the Settlement Commission would not be able to entertain applications which germane out of search, reassessment proceedings. The commission's ability to entertain and dispose off complex matters would be substantially truncated,'' Mr Aseem Chawla, Director-Taxation, Amarchand & Mangaldas, told Business Line.

As per the proposed scheme for penalty in search proceedings, penalty up to three times the tax could be levied in cases where undisclosed income pertains to a period where the due date of filing of returns has expired (irrespective of whether returns were filed or not).

More Stories on : Taxation | Economic Offences

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
IIM-K grads land big offers

ICAI wants essential items under strict watch

Banks legally bound to make temporary hands permanent: HC

Study on rules of origin in free trade pacts

Excise collection from petrol, diesel up 9.61%

I-T Dept seized assets worth Rs 287 cr in April-Jan

To whom does locational advantage accrue in transfer pricing?

Fair Budget for small, medium units: CII

UK-India education research meet on March 7

Microsoft plans `Schools of Future'

Canadian varsity sets up centre in India

Syndicate Bank's rural operations

Marine products export to touch $4 b by 2010: Jairam Ramesh