CAG BLASTS CBDT LOGIC ON 2G LOSS NOS
The Comptroller and Auditor General of India (CAG) went on the offensive against tax authorities, lambasting them for using semantics to challenge the auditors estimate of.Rs.1. 76 lakh crore loss in the 2G spectrum case, official sources said. The Central Board of Direct Taxes had earlier informed the Joint Parliamentary Committee that the concept of presumptive loss that the national auditor used to calculate the loss did not appear in any statutory provision of the income tax laws a contention that is not acceptable to the national auditor. Deposing before the JPC on Tuesday, the CAG, Vinod Rai rejected the view and said that his report had also used the term potential loss and cited several provisions of the Income Tax Act which mentioned presumptive gains. The CAG was asked if the potential loss would be different from presumptive loss and he emphatically said that it would not make any difference in the calculation. The CAG was very vocal about it. He is very clear and presented his point of view forcefully, a source said. The 2G scam in which jailed former telecom minister A Raja is accused of rigging the allocation of licences is billed as Indias biggest scam due to the CAGs calculation of losses to the exchequer. The scam has embarrassed the government, which has accused Rai of exceeding his brief. - www.economictimes.indiatimes.com
The Comptroller and Auditor General of India (CAG) went on the offensive against tax authorities, lambasting them for using semantics to challenge the auditors estimate of.Rs.1. 76 lakh crore loss in the 2G spectrum case, official sources said. The Central Board of Direct Taxes had earlier informed the Joint Parliamentary Committee that the concept of presumptive loss that the national auditor used to calculate the loss did not appear in any statutory provision of the income tax laws a contention that is not acceptable to the national auditor. Deposing before the JPC on Tuesday, the CAG, Vinod Rai rejected the view and said that his report had also used the term potential loss and cited several provisions of the Income Tax Act which mentioned presumptive gains. The CAG was asked if the potential loss would be different from presumptive loss and he emphatically said that it would not make any difference in the calculation. The CAG was very vocal about it. He is very clear and presented his point of view forcefully, a source said. The 2G scam in which jailed former telecom minister A Raja is accused of rigging the allocation of licences is billed as Indias biggest scam due to the CAGs calculation of losses to the exchequer. The scam has embarrassed the government, which has accused Rai of exceeding his brief. - www.economictimes.indiatimes.com
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