Taxation
Taxes worth Rs58,636 crore locked up in litigation in SC, HCs

The main reason for non-realisation of unrecovered dues include pendency of decision on stay applications by Appellate Authorities, arrear recovery stayed by various Appellate Authorities and Courts, the minister said

 
New Delhi: Taxes worth Rs58,636 crore are locked up in litigations in the Supreme Court and different High Courts, the government said on Wednesday, reports PTI.
 
On the Direct Taxes sides, 5,860 cases involved tax demand worth Rs2,707 crore were locked up in Supreme Court. Another 29,650 cases with tax demand of Rs36,340 crore were pending in High Courts.
 
The information was provided by Minister of State for Finance SS Palanimanickam in a written reply to the Lok Sabha.
 
As for indirect taxes, 2,855 cases involving Rs8,130 crore were pending with the Supreme Court and 14,626 cases amounting to Rs11,459 crore were lying in different High Courts, he said.
 
The Minister said that non-recovery of tax dues is mainly attributable to unavoidable processes in law including appellate remedies.
 
The main reason for non-realisation of unrecovered dues include pendency of decision on stay applications by Appellate Authorities, arrear recovery stayed by various Appellate Authorities and Courts.
 
In another reply, he said the Income Tax department will not reopen cases where tax assessment proceedings had been finalised and no notice has been sent before 1 April 2012.
 
Following retrospective amendment to the I-T Act, there were apprehensions in certain sections that the government may reopen the old cases.
 

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Service records of CAG Vinod Rai not traceable admits Government

The DoPT in its reply said, the UPSC application dossier of Vinod Rai is not traceable and hence the information sought for is not materially available

 
New Delhi: The crucial service records of Comptroller and Auditor General Vinod Rai are not traceable with the Personnel ministry, a reply received under the Right to Information (RTI) Act has revealed, reports PTI.
 
A Lucknow-based journalist had sought from the Department of Personnel and Training (DoPT), the service records of Rai which included certificate of selection in the Indian Administrative Service (IAS), appointment letter among other details.
 
Responding to the queries, the Department said the files sought were not traceable.
 
The Ministry, while replying to his query, seeking high school and date of birth certificate, said, "The UPSC application dossier of Vinod Rai, IAS (KL:1972) is not traceable. Hence the information sought for by you is not materially available with the undersigned." 
 
A similar reply was given to the journalist's queries regarding service records of 64-year-old Rai, who has hogged media headlines after CAG reports on 2G Telecom spectrum allocations, coal block allocation, Delhi Airport and Commonwealth Games indicated serious irregularities.
 
The journalist was advised by Department of Personnel to contact the Kerala Government with regards to queries on retirement from the service as the matter was "closely related" with the state.
 
"Your query is more closely concerned with the Government of Kerala. If deemed fit you may contact the state government of Kerala in this regard. The undersigned does not have any record in this regard," CIPO and under secretary Narendra Gautam said in the reply.
 
Regarding Rai's appointment as the Comptroller and Auditor General, the application was transferred to CAG office for reply.
 

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RBI scrutinising systems of HSBC and StanChart

The central bank is scrutinising the 'systems' of HSBC Bank and Standard Chartered Bank related with anti-money laundering and know your customer norms 

 
New Delhi: The Government on Wednesday said the Reserve Bank of India (RBI) is scrutinising the 'systems' of HSBC Bank and Standard Chartered Bank related with anti-money laundering (AML) and know your customer (KYC) norms, reports PTI.
 
"RBI is scrutinising the AML and KYC systems of two banks (HSBC Bank and Standard Chartered Bank)", Minister of State for Finance SS Palanimanickam said in a written reply to the Lok Sabha.
 
The Financial Intelligence Unit-India (FIU-IND), of the Finance Ministry, has also initiated a "fact finding exercise" relating to HSBC's operations in the country and compliance with Indian AML and Counter Financing of Terrorism (CFT) regime.
 
The Minister said the scrutiny follows news reports of involvement of HSBC, USA, in money laundering activities and of Standard Chartered Bank, USA, for violating sanctions imposed on Iran by US Government.
 
Palanimanickam, however, said the government has not come across any instance "where it has been conclusively established that foreign banks have not properly followed measures to check money laundering and consequently helped anti-national elements engaged in terrorist and other illegal activities".
 
The minister further said the FIU-IND has been receiving 'Suspicious Transaction Reports (STRs)', Cash Transaction Reports (CTRs) and other prescribed reports from various banks including private foreign banks operating in India.
 
Earlier this month, the New York State Department of Financial Services had accused Standard Chartered of hiding about 60,000 secret transactions with the Iranian government, involving a whopping $250 billion, and exposing the US financial system to terrorists, weapon dealers and drug kingpins.
 

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