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Business Line/ - Markets, Sáb, 31 de Março de 2012
CLIPPING INTERNACIONAL (Supreme Court)
Pranab defends retrospective amendment
of I-T Act
Kolkata, March 31:
The Finance Minister, Mr Pranab Mukherjee, today
clarified that the proposed amendments to the
Income-Tax Act, 1962 will not mean re-opening all
cases going back to 1961-62.
However, it would be applicable to cases where
foreign assets were created by some company or
individual without the sanction of the appropriate
authority.
Defending the Government's proposal to amend the
tax regime after the Supreme Court's order in the
Vodafone case, Mr Mukherjee said that cases beyond
six years could not be reopened.
“A retrospective amendment to the tax regime does
not mean it gives you the opportunity to reopen the
cases from 1961 or 1962. No income-tax case beyond
six years can be reopened. Some amendments have
been made in respect of certain cases beyond six
years but that is only for the foreign assets created by
some company or individual without the sanction of the
appropriate authority,” Mr Mukherjee said at an
interactive session organised by the Calcutta Chamber
of Commerce here on Saturday.
Mr Mukherjee, however, reiterated that a retrospective
amendment to the Income-Tax Act was essential for
cross-border deals involving local assets.
Amendment to the tax regime would help avoid
creating a situation wherein multinational companies
can evade taxes payable to a country of source and
country of operation, and also ensure that there is no
double taxation.
The Supreme Court had in January said that
Vodafone was not liable to be taxed on its $11.2-billion
acquisition of Hutchison's Indian telecom assets.
Mr Mukherjee admitted that he refrained from any
“dramatic announcement” in the Budget proposals for
2012-13 because of political constraints.
“I did not want, rather I did not attempt, to make any
dramatic announcements (in the Budget proposals),
because I have to keep in mind that every budgetary
proposal requires the approval of Parliament,” he said.
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