Gems, ind welcomes removal of `search & seizure'' provisions
PTI | 06:09 PM,Sep 06,2010Mumbai, Sept 6 (PTI) The gems and jewellery industry today welcomed the move to remove 'Search & Seizure' provisions specifically aimed at the sector in the new Direct Taxes Code (DTC) Bill. GJF, a national body of the jewellery trade had made representations to the Finance Ministry to seek modifications on this in the DTC. "The removal of 'search & seizure' provisions has bought relief to jewellers as the clause could have created great difficulties for the industry, disrupting the entire gems and jewellery business activity for this reason," All India Gems and Jewellery Trade Federation's Chairman, C Vinod Hayagriv, said in a statement here. The gems and jewellery industry had strongly opposed this move, he added. GJF pointed out that the sale of stock in trade is the only basis on which payment of taxes could take place and seizure of such stock would amount to taking away the livelihood of the assessee. Section 139(2)(f) of the old DTC, 2009, provided the clause: "The authorized officer shall have all the powers to seize any stock in trade of bullion, precious or semi-precious stones or jewellery, found as a result of such search." (MORE) PTI AP JJ AMA
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