CBI arrests I-T Commissioner for graft!

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Press Trust Of India / ibnlive.in.com / Posted on Aug 29, 2011 at 06:21pm IST.

Mumbai: The CBI on Monday arrested Income Tax Commissioner Daya Shankar for allegedly accepting a bribe of Rs two lakh from a private company for passing a favourable order in an appeal matter.

"Shankar, Commissioner IT (Appeals), was arrested this morning from his office in Bandra for demanding and accepting bribe for settling and issuing a favourable order in an appeal matter pending before him," CBI Joint Director (Western Region) Rishiraj Singh told reporters.

A firm engaged in copper wire manufacture had filed its return for assessment year 2008-09 which was taken up for scrutiny by the jurisdictional IT officer. After scrutiny, the IT officer had passed an order for additional tax liabilities.

Aggrieved by this, the company approached Shankar with an appeal challenging the order.

"Shankar demanded bribe from the company for issuing a favourable assessment order. He also told them that if they do no pay the money then he would confirm the order passed earlier," Singh said.

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Mahindra Satyam gets Rs 2,114 cr tax demand from IT Department!

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Press Trust Of India / ibnlive.in.com / Updated Aug 22, 2011 at 11:07pm IST.

Mumbai: The Income Tax Department has slapped a tax demand of Rs 2,114 crore on IT firm Mahindra Satyam (erstwhile Satyam Computer Services), after disallowing exemptions claimed by the company.

"The company has received draft notices of demand for Rs 1,037.69 crore and Rs 1,075.73 crore for assessment years 2002-03 and 2007-08, respectively," Mahindra Satyam said in a filing to the Bombay Stock Exchange.

A senior official of the company said that they are yet to receive the notice and may approach the I-T tribunal for justice.

"This is only a draft assessment order. We will respond once we receive the tax notice. We may approach the Tribunal. The tax was levied on fictitious income. It is not justified. Even the government is aware that the income was fictitious during that period," the official said.

Tech Mahindra had acquired Satyam Computer after a multi-crore accounting fraud in the company came to light in January 2009. After acquisition, the company was re-branded as Mahindra Satyam.

Mahindra Satyam has been seeking return or adjustment of taxes paid on inflated income when disgraced founder Ramalinga Raju was the chairman of the IT Company.

The company has argued that the tax payments were made on account of alleged fudged records shown by the company.

   

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BLACKMONEY ABROAD: Government to set up tax offices in US, France, 6 other nations!

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New Delhi, Deccan Herald / Aug 5 (PTI).

Under pressure to bring back unaccounted money stashed abroad, the Government today said it will set up tax overseas units in eight countries, including the US, France and Germany, this financial year.

"The proposal is being processed and (eight) Income Tax Overseas Units (ITOUs) are likely to be set up within the present financial year 2011-12," the Minister of State for Finance S S Palanimanickam told the Lok Sabha in a written reply.

Cyprus, Japan, UK, The Netherlands and United Arab Emirates are the other countries where the government wants to establish ITOUs. The government, Palanimanickam said, had earlier set up ITOUs at Mauritius and Singapore.

He said the government has framed a five-pronged strategy to fight the menace of tax evasion that include joining hands with international bodies like G-20 and United Nations, besides forming appropriate legislations, setting up domestic institutions, and manpower training.

Further, in reply to a question, he said investigations were carried out on some persons who had travelled to tax havens. "Instances were found where assesses had filed return of income of less than Rs one lakh," the minister said of such cases.

The government has also approved the cadre restructuring of the Directorate of Enforcement for increasing its effectiveness in implementing the provisions of the Prevention of Money Laundering Act and the Foreign Exchange Management Act.

"The approval includes increase in staff strength from 745 to 2,064 and the number of offices from 22 to 39. This is likely to involve an expenditure of about Rs 60 crore annually. The restructuring process of the Directorate of Enforcement is likely to be completed in 2-3 years," Palanimanickam said.

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FRAUD ON TAXES: Over 11 lakh duplicate PAN numbers detected till date!

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August 5, 2011 / IANS, New Delhi / DC.

The Finance Ministry has detected and deleted over 11 lakh duplicate permanent account numbers (PANs) till date, Minister of State for Finance S.S. Palanimanickam said on Friday.

"The department has identified the multiple PANs belonging to the same person through an automated computer system of the department. Till date 11, 69, 238 multiple PANs have been detected and deleted," said Palanimanickam in a written reply in the Lok Sabha.

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