SEBI signs MoU with CBDT sharing of data and information for carrying out scrutiny, inspection, investigation and prosecution
SEBI signs MoU with CBDT
Securities and Exchange Board of India (SEBI) has signed a Memorandum of Understanding (MoU) with Central Board of Direct Taxes (CBDT).
The MoU will facilitate the sharing of data and information between CBDT and SEBI on an automatic and regular basis.
The MoU will ensure that both CBDT and SEBI have seamless linkage for data exchange. In addition to regular exchange of data, CBDT and SEBI will also exchange with each other, on request and suo moto basis, any information available in their respective databases, for the purpose of carrying out scrutiny, inspection, investigation and prosecution.
This MoU is an ongoing initiative of CBDT and SEBI, who are already collaborating through various existing mechanisms.
A Data Exchange Steering Group has also been constituted which will meet periodically to review the data exchange status and take steps to further improve the effectiveness of the data sharing mechanism.
The MoU comes into force from 8th July 2020.
- Income Tax notice by process server held invalid for non acknowledgement/endorsement
- No income tax is payable on compensation on land acquired under NHAI Act 1956
- Documents filed on the day when assessment order passed are not additional evidence
- Addition of bogus purchases deleted as opportunity of cross examination not given
- GST Registration to be granted automatically and electronically within 3 Working Days
