Sun, 25 Mar 2012 19:01:10 GMT

'No vindictive intent behind move to amend tax laws'

New Delhi, March 25: The Finance Minister, Mr Pranab Mukherjee, has clarified that there is no vindictive intention behind the move to retrospectively amending the Income-Tax Act.

He stressed that the Government does not plan to open a plethora of old cases by making such changes.

Addressing the national executive council meeting of the CII, Mr Mukherjee said, "I can assure the industry that there is no intention of opening a plethora of old cases on this plea or that plea because that is simply not permissible (under the laws)."

On industry apprehensions that all the cases could be reopened from the date of enactment of the Income-Tax Act, he replied in the negative."This amendment has been made not with any vindictive or with asserting any particular point of view. This is absolute requirement of the law....But at the same time, I shall have to protect myself. I am not holding my money. I am custodian of the money given by 120 crore people through taxation."

Mr Mukherjee's proposal in the Budget to retrospectively amend the Income-Tax Act with effect from April, 1962, to tax deals involving overseas companies that have interests in India, has generated criticism with some suggesting that it would impact investments into the country.

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