CBDT releases new I-T compounding guidelines; no relief in criminal black money cases
Indulgence in serious criminal cases of money laundering, terror financing, corruption, possession of benami properties and undisclosed foreign assets will virtually shut a person's chances of getting relief in an income tax evasion offence beginning Monday, the latest directive issued by the CBDT said. The new directives make it clear that compounding of offences is "not a matter of right" and the department can extend such a relief only in certain cases keeping in view factors like "conduct of the person, the nature and magnitude of the offence on the context of the facts and circumstances of each case." Offences committed by a person for which he/she was convicted by a court of law under direct taxes laws, cases of a person as main accused where it was proved that he has enabled others in tax evasion through entities used to launder money or generate bogus invoices of sale/purchase without actual business or by providing accommodation entries in any other manner will largely be not compounded, the new guidelines said. A senior department official said the new guidelines are aimed to streamline the action against serious cases of black money and criminal tax evasion.
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