New Delhi, May 30 (ANI): Union Finance Minister Pranab Mukherjee on Wednesday announced that income tax cases whose assessment proceedings had been finalised before the current fiscal would not be reopened.
Addressing mediapersons here, Mukherjee said the information had been given to tax officials by the Central Board of Direct Taxes (CBDT).
"I made a commitment to the Parliament that all income tax cases which have been finalised by April 01, 2012, will not be reopened. CBDT has issued a policy circular to all the officers concerned," Mukherjee said.
In the Union Budget for the current fiscal, Mukherjee had proposed the Income Tax Act of 1961 be amended to tax deals relating to mergers and acquisition, done abroad but involving domestic assets.
The amendments, brought into force with President Pratibha Patil's approval of the Finance Bill 2012, had raised concerns among investors about the reopening of past cases.
Mukherjee also said that on the recommendation of a committee appointed by him, a circular detailing the avoidance of tax deduction at source (TDS) at multiple levels in international taxation was issued.
"In respect of the transfer pricing and international taxation, I have appointed a committee. On the basis of their advice, the necessary circular has been issued to avoid the multilevel TDS. This was one of the concerns of NASSCOM. So, that concern has been taken care of," he said. (ANI)