M A I N   N E W S

IT Department hits PCA hard
Anuja Jaiswal
Tribune News Service

Chandigarh, May 13
The income tax authorities have attached three bank accounts of the Punjab Cricket Association (PCA) stadium, Mohali, for non-payment of a “demand” of Rs 6.4 crore. The department had issued the demand notices to the PCA for 2002-2003 and 2007-2008 last year after it withdrew tax exemption from charitable trusts and non-government organisations that were indulging in commercial activities.

According to IT Commissioner AK Kaushal, PCA’s accounts with HDFC, ICICI and PNB in Mohali were attached this morning as the stadium authorities failed to pay the demand amount. Kaushal said after the tax concessions (under Section 12A of IT Act) of charitable trusts indulging in commercial activities were withdrawn last year, they had reassessed the PCA accounts.

PCA’s liabilities for 2002-03 were found to be around Rs 30 lakh and Rs 6.1 crore for 2007-08. Notices were subsequently issued, but the payment was not made in the mandatory 30-day period. Though as per rules, they could have attached the accounts after the mandatory period was over, they had waited long enough for the authorities to respond, Kaushal said.

The earnings of the PCA were Rs 46 lakh during 2002-03. These shot up to Rs 13 crore in 2007-08. The demand notices that were subsequently issued included the interest component also.

Manjeet Singh, Additional Joint Commissioner, Mohali, said, “The PCA case was re-scrutinised under Section 148 of the IT Act, which allows review of returns for the previous six years. During the survey, some other discrepancies were also found.”





HOME PAGE | Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Opinions |
| Business | Sports | World | Letters | Chandigarh | Ludhiana | Delhi |
| Calendar | Weather | Archive | Subscribe | Suggestion | E-mail |