The government has assured that all income tax cases where assessment proceedings have been finalized by the 1st of April this year will not be reopened.This was stated by Finance Minister Pranab Mukherjee after inaugurating a new office of the Income Tax Department named Pratyaksh Kar Bhawan in New Delhi today.Mr. Mukherjee said, Central Board of Direct Taxes, CBDT, has issued a circular in this regard.Referring to issues concerning transfer pricing, Mr Mukherjee said that a committee has been set up to deal with international taxation. The committee has held its first meeting on 25th of this month.He said on the basis of the advice given by the committee, a circular has been issued to avoid multi-level tax deducted at source. He said it was a concern expressed by NASSCOM and has been taken care of.Earlier talking about economic issues, Mr Mukherjee said, India is confronting the same problems as the world economy and underlined the need for fiscal consolidation to maintain fiscal discipline through proper revenue realisation and spending it judiciously.Talking about mounting tax litigations, Finance Minister Pranab Mukherjee asked tax officials to avoid moving High Courts in case the question of law is not involved in the disputes.
News On AIR | May 30, 2012 6:26 PM
IT dept will not re-open cases prior to 1st April 2012: Pranab