A fait accompli Manmohan? - The Economic Times

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It was shocking to learn from The Economic Times (20
August) that of all the money seized from Mr Sukh Ram's
house, about Rs 1.44 crore will have to be returned to
him as per the new assessment scheme of the income tax,
introduced by former finance minister, Manmohan Singh on
July 1, last year by which only 60 per cent of the
undisclosed money seized by the department goes to the
exchequer, while the rest is to be returned to the
assessee.

It is surprising that Mr Singh has framed the law in such
a way to allow 40 per cent of seized undisclosed money to
be returned to the assessee without any ceiling! How
could our former honourable finance minister be so naive
as not to visualise that major seizures would not be
effected from political leaders unscrupulous
industrialists?

Hats off to Manmohan Singh for protecting the interests
of such big sharks among his colleagues and for taking
all care to net in individual assessees by introducing
ceilings on investments in PPF, etc, for availing of tax
benefit under section 88 of IT Act, and also in case of
partnership firms in allowing the working partners to
draw remuneration with percentage ceiling on every one
lakh of book profit.

He owes an explanation to the general public for enacting
such a partisan law favouring the unaccounted money
holders who have unofficially evolved a scheme of an
`indirect form' of disclosure of income without any time
limit.

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