Industry & Economy
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Income Tax
`CBDT must withdraw orders on provisional attachment of property'
Our Bureau
New Delhi
,
Nov. 1
THE Federation of Indian Chambers of Commerce and Industry (FICCI) has urged the Central Board of Direct Taxes (CBDT) to withdraw its recent instructions on provisional attachment of property, claiming that such instructions are "harsh and in fact draconian."
In a representation to the Finance Ministry, the Chamber held that the instructions have "created a panic and fear psychosis" among the tax paying community as it empowers officials to attach properties even on apprehensions of any difficulty in recovering the tax. Further, it stipulates that the officers would be held responsible if the tax demand is not recovered due to non-compliance of the instructions.
FICCI believes that there are already enough powers with the assessing officers to make provisional attachment in certain cases. Any further strengthening of these powers will only open new vistas for harassment and corruption rather than resulting in any significant accretion to revenues of the Government, it said.
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