Pranab: Govt not to reopen old tax cases

Mar 26, 2012 - Pawan Bali |

Age Correspondent

New Delhi

Union finance minister Pranab Mukherjee on Sun-day assured India Inc there was no “vindictive agenda” behind the proposal to amend the Income-Tax Act with retrospective effect from 1962, and said the government had no plans to open a plethora of old cases demanding back taxes.
The finance minister added that unlike in the 1970s, there was no “trust deficit” between government and industry as both were partners in the task of nation-building.
“The amendments were not made with any vindictive (agenda)... I can assure industry there is no intention of opening a plethora of old cases on this plea or that as that is simply not permissible under our laws,” Mr Mukherjee said at CII’s national council meeting. Industry circles are jittery over the propo-sed amendment to the Inco-me-Tax Act with retrospective effect from 1962 to bring the Vodafone-Hutch-ison deal and similar transactions under the tax net.

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