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CAG audit recommends CBDT may introduce suitable provision for not allowing set-off of losses

The Income Tax Department may like to ensure that search warrants are issued after proper examination of the information available, research and due diligence in a manner which is above suspicion as search and seizure involves lot of harassment to the assessees and their families, CAG has said in a report `Performance Audit on Search and Seizure Assessments in Income Tax Department'

ANI | New Delhi | Updated: 24-09-2020 23:54 IST | Created: 24-09-2020 23:54 IST
CAG audit recommends CBDT may introduce suitable provision for not allowing set-off of losses
Representative image. Image Credit: ANI

The Income Tax Department may like to ensure that search warrants are issued after proper examination of the information available, research and due diligence in a manner which is above suspicion as search and seizure involves lot of harassment to the assessees and their families, CAG has said in a report `Performance Audit on Search and Seizure Assessments in Income Tax Department' Comptroller and Auditor General (CAG) said in its report, which was tabled in Parliament during the monsoon session, that the possibility of the role of the judicial body may also be explored.

It said the CBDT may also analyse the reasons for low sustainability and fix the responsibility of the concerned officers. The Performance Audit (PA) covered the search assessments completed during the financial years 2014-15 to 2017-18. Audit checked 24,869 assessment records pertaining to 185 Groups with assessed income of Rs 1,71,503.78 crore. It issued 1659 observations.

The report said the Income Tax Department did not centralise all cases in respect of certain groups for assessments due to which issues relating to the assessees pointed out in Appraisal Report could not be addressed. It said the CBDT may introduce a time limit for issuing notices under amended section 153A/153C.

"Audit is of the view that all the assessees related to issues pointed out in Appraisal Report may be centralized and their assessments should be completed in a nameless/faceless manner, where the assessees as well as AOs are not aware of each other's identities, to ensure transparency in the assessments," the report said. (ANI)


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