The drawer of a cheque clutches
at a straw for wriggling out of the clutches of a criminal prosecution
he is caught in, but the straw is just too fragile to be of
any support to him: Supreme Court.
Many a time an assessee may
omit to claim a benefit, deduction or exemption to which he
is entitled when the return is filed. It is also possible that
the assessment may be completed on the basis of such return
and, thereafter, the tax payer may become aware of his omission
to claim such benefit.
Once the initial investment
decision is made, taxes become an important business consideration.
Without international tax planning, multinationals would suffer
“tax waste” or excess tax payments in various jurisdictions.
Where duty already stands
paid even at the time of filing the application for settlement,
admission of the said would not result in achievement of the
goal of further recovery of revenue.
