Saturday, February 14, 2015

Taxman to spare Senior Management

The Central Government told tax officials that none of the senior management of large companies-chief executives, heads of finance, general managers and so forth-should be summoned for evidence or to enforce recoveries. In a circular issued, the Central Board of Excise and Customs (CBEC) has said that the top management needs to be summoned only when there are indications of their involvement in a decision- making process which might have led to revenue loss for the government. The instruction notes that summons are routinely issued by field formations under Section 14 of the Central Excise Act, 1944, to senior officials of companies, to call for evidence, documents or to enforce recoveries. It has said these should be a last resort

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