02-13-2009, 09:42 PM
Dear,
I agree that regulators should use sense to facilitate the regulated ones on the areas where it could be done without losing the purpose of any law.
However, any law is promulgated for unique and different purposes and there are some basis and backdrop to be understood where such differences are found. The purpose of CO84 and ITO 2001 is different, the areas to be regulated under these laws are different and the limitation periods etc may also be differently prescribed by these laws. It's not simply about maintenance of books of account when we talk in ITO 2001 perspective. I already explained it on some thread.
Under ITO the period during which an assessment may be re-opened is prescribed as 5 years. This is normally construed the major deriving factor for the time period described by ITO 2001.
However, there are so many proceedings under income tax law which keep on continuing even beyond that period. In such cases legislature cannot demand for books of accounts beyond that time limit. This in fact provides facility to assessees.
The purpose of companies law is entirely different and much more vast than IT 2001.
Regards,
KAMRAN.
I agree that regulators should use sense to facilitate the regulated ones on the areas where it could be done without losing the purpose of any law.
However, any law is promulgated for unique and different purposes and there are some basis and backdrop to be understood where such differences are found. The purpose of CO84 and ITO 2001 is different, the areas to be regulated under these laws are different and the limitation periods etc may also be differently prescribed by these laws. It's not simply about maintenance of books of account when we talk in ITO 2001 perspective. I already explained it on some thread.
Under ITO the period during which an assessment may be re-opened is prescribed as 5 years. This is normally construed the major deriving factor for the time period described by ITO 2001.
However, there are so many proceedings under income tax law which keep on continuing even beyond that period. In such cases legislature cannot demand for books of accounts beyond that time limit. This in fact provides facility to assessees.
The purpose of companies law is entirely different and much more vast than IT 2001.
Regards,
KAMRAN.
