The Income Tax Department (ITD) today said that it had issued notices to former Sebi chairman C B Bhave to furnish information in support of his return filed for the 2009-10 assessment year. The ITD has also initiated enquiry against two serving members of the Security and Exchange Board of India (Sebi), said a CBDT release.
“The tax proceeding in question is scrutiny of tax return of Bhave for A.Y. 2009-10 picked up by the computer aided scrutiny selection (CASS) of the ITD,” it said, adding that these are routine tax proceedings and have no connection with any complaint or his tenure as chairman Sebi.
“The tax proceeding in question is scrutiny of tax return of Bhave for A.Y. 2009-10 picked up by the computer aided scrutiny selection (CASS) of the ITD,” it said, adding that these are routine tax proceedings and have no connection with any complaint or his tenure as chairman Sebi.
The CBDT has issued the clarification in response to media reports, which, according to the Board, created an impression that the government is trying to harass him through ITD.
“As the notices were issued prior to his retirement, the conclusion that the Government is trying to harass him is entirely incorrect”, it added.
The notices were issued on September 14, 2010 and January 24, 2011 to Bhave to support his return of income and furnish details relating thereto.
Bhave was the Sebi chairman between February 2008 and February 2011.
Regarding enquiry in the case of two serving members of Sebi, it said, “necessary action is being taken according to the law on the basis of complaint received in the CBDT”.
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Once a notice has been issued “in routine”, the adverse news published about this high profile ex-plant of former FM must be considered while examining his case.