Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: list of goods taxed at 4% :: form 3cd :: VAT RATES :: empanelment :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: VAT Audit :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment
 
 
News Headlines »
 How to save income tax? Here are 6 investments with tax free income
 10 Top salary deductions that can save tax for you
 What are the tax saving options beyond Section 80C?
 The penalties for not paying tax on time
 How to make your salary tax efficient
 I-T Department may go into overdrive this quarter
 Ways to reduce the TDS deduction from your salary
 4 Tips for choosing who prepares your 2017 Tax Returns
 Processing of income-tax returns under section 143(1) of the Income-tax Act which were filed in Forms ITR-1 to 6 & applicability of section 143(1)(a)(vi)
 Price Waterhouse gets 2-year ban in Satyam case
 How to save income tax under section 80C

Tax Dept probing officers' role in MDH case flip-flop
April, 07th 2008

The Income Tax department is trying to ascertain it's officers role in spice powder company MDH Masala's offer to pay Rs 54 crore to get tax sleuths off its back and subsequent claim that it was forced to do so.

It is believed that an internal probe is on to get to the bottom of whether tax officials extracted a confessional statement from MDH after searches in November 2006 for alleged tax evasion failed to yield any incriminating evidence.

MDH in a statement then had said "for mental peace, the company is surrendering an amount of Rs 54 crore to the department," sources said, adding that the company had retracted it four days later.

The probe will find why tax officials concerned accepted a vague letter from the company that did not even say under which head the amount was to be surrendered, sources added.

The Income Tax department had conducted raids on at least 50 offices of the MDH group of companies including in Delhi, Gurgaon, Jaipur and residential premises of its owners and seized huge amounts of cash and documents.

The inquiry will also go into whether officials provided a loophole to the company, which has tried to take refuge under the plea that it was forced to give a confession statement.

MDH officials declined to comment on the matter. "The officials are now finding it difficult to explain why they had accepted a letter that mentioned that the amount was being surrendered for mental peace and not toward tax evasion or undisclosed income," said a senior official.

Sources said the department issued letters to the officials about two months back when they failed to establish the claimed tax evasion by the company.

MDH has an annual turnover of around Rs 200 crore and is a leading manufacturer of blended spices.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions