Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 March 31 deadline is getting near. How to save income tax with tax loss harvesting?
 45-day MSME payment rule: Impact and details of Section 43B(h) explained
 Small savings schemes that offer tax benefits of up to Rs 1.5 lakh under section 80C
 RE-OPENING OF CORRECTION WINDOW FOR MAY 2024 CA EXAMINATIONS
 Powerful Upgrades, Tally 12+1 months renewal Plan and Connected Services for your growing Business - March 2024
 How innovative solutions can help fix the Sec 43B conundrum for MSMEs
 Income Tax dept asks many individuals to explain high value transactions of FY20-21 as Updated ITR deadline nears
 Release Notes for TallyPrime and TallyPrime Edit Log Release 4.1 | What s New!
 Deadline to file updated ITR FY20-21 ends on March 31: Details on additional tax
 4 tax-planning mistakes to avoid this season
 ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

I-T Dept raids MCX, offices nationwide
June, 20th 2007
Trading, volumes at the exchange not affected


Under the lens
CBDT downplays search and seize operations
`No search conducted on any sharebroker'
MCX promoted by Financial Technologies

The Income-Tax Department on Tuesday conducted search and seizure operations on the Multi Commodity Exchange (MCX) and the offices of its promoters, branches and associates across the country.

The Central Board of Direct Taxes (CBDT) confirmed this in a statement.

"We are verifying some records," said a senior Income-Tax Department official.

He, however, refused to reveal the reasons behind the raid.

The CBDT statement was also at pains to emphasise that the searches did not involve any stock-broking entities.

Sections of media started reporting in the morning that apart from a commodity exchange, even sharebrokers of stock exchanges were being searched.

"This is not true; there has been no search on any sharebroker connected with a stock exchange per se," said the statement.

It added that surveys were being conducted on the exchange and its branches at Ahmedabad, Bangalore, Chennai, Delhi and Kolkata.

However, interpreting the incident as "routine," an official statement from the Multi Commodity Exchange said: "The Income-Tax Department today carried out routine investigation at the Multi Commodity Exchange of India at its offices in Mumbai."

It added: "The exchange officials have said that they have complied with all rules and regulations and all laws of the land."

There was no impact on trading or volumes of the exchange, which were normal, said a broker-member of the exchange.

Another broker, however, said: "Such I-T raids on exchanges create a fear psychosis among traders as they deal in crores of rupees. The raid comes close on the heels (of) the exchange (seeking) trade details for the last quarter from us."

The promoter of MCX is Financial Technologies Ltd.

Both entities are headed by Mr Jignesh Shah.

Search and seizure of such nature is conducted when the Income-Tax authorities have reason to believe that an assessee is in possession of money or valuable articles, which has been either wholly or partly not disclosed for tax purposes.

When such information pertains to a year for which the assessment has already been completed, a search under the relevant provisions of the law is the only option available, an Income-Tax official explained.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting