The Central Board of Direct Taxes (CBDT) has decided to dispose all pending tax disputes and other cases related to the securities scam of 1992 in the next ten days.
This decision was taken following a recent review of the pending cases of the assessment of notified persons by member, Investigations, on the board.
According to finance ministry sources, the Income Tax Department has made a demand for tax dues of Rs 3,307.43 crore from the notified parties for the period between April 1, 1991, and June 6, 1992.
So far, only Rs 925.84 crore has been released or is in the process of being released to the IT department by the custodian in line with the orders issued by the special court set up for the purpose.
The move to expedite the pending cases comes on the heels of the criticism faced by the CBDT for not being able to punish those involved in the scam.
So far, the board has imposed a penalty of Rs 700 crore, but only on a single group. None of Harshad Mehta
