Why Cash Less Than Rs.10 Lacs Is Found In Income-tax Survey ?
It is very interesting fact and universal truth of Income Tax Department that almost in each Income Tax Survey, cash less than 10 Lacs (only) or 15 Lacs (In Big Cities) is found in Income Tax Survey Proceedings through out the India. Now, it is very interesting to know why cash less than Rs.10 / 15 Lacs is only found in Income-tax Survey ?
As per prevailing and established practice and history of the Income-tax Department, Very rare example can be seen in last 5 years and particularly after 30.09.2014 where cash of more than 10 / 15 Lacs was found any survey. To under stand this India- wide truth of India-wide conspired scandal, readers should read an instruction dated 30.09.2014 issued by the CBDT which is being attached here under. As per this instruction, if cash is found more than Rs. 10 / 15 Lacs in a survey, that survey will be converted in to search compulsorily and if survey is converted from Survey to Search, credit and jurisdiction goes / shifts / transfers to Investigation Wing Of Income-tax Department from the regular Assessing Officer / Income-tax Officer.
Before 30.09.2014 also , this rule was in existence but not at CBDT level. A survey action is taken with handful exercises / hard work by the regular Ward / Circle of the assessee and therefore, regular authorities will never prefer to loose this opportunity in favor of ‘ Investigation Wing ‘ and therefore, found cash is always falsely declared less than 10 Lacs to avoid the transfer of the case. Since, cash surrender is the best and safe surrender for the department in survey, sometimes false cash surrender is also obtained up to Rs. 10 Lacs as substituted surrender .
Effect of cash less than Rs.10 / 15 Lacs is falsely declared on record :
- Heavy Bribe is taken from the Assessees on the spot (Corruption) .
- In place of Cash Surrender in excess of Rs. 10 Lacs, false / fabricated / substituted surrender is obtained from the assessee which is generally less than the actual cash found.
- Income Tax Authorities become successful in failing the conversion from Survey to Search.
- Cash is not seized which is a great relief for the assessee.
- This action causes heavy loss to the government and benefit of the assessee.
पेट्रोल-डीजल की खुदरा कीमतों के निर्धारण में जनता को लूटा जा रहा है – ...
पेट्रोल-डीजल की खुदरा कीमतों के निर्धारण में जनता को लूटा जा रहा है – नया भारत पार्टी (Naya Bharat Party) देश में पेट्रोल-डीजल ...