Zero Tax Tactics - Reinvent the Zero
WE take pride in the fact that 'zero' was invented in India, but the great mathematician who invented this 'nothing' would have had no idea that his 'zero' will one day add to the tax burden of a trader.
Ingenious are the ways of taxmen to collect more for the Government Kitty. One enterprising VAT officer simply added a ZERO and made a killing.
In the assessment order, the value of plant and machinery sold taken as Rs.156.75 Cores instead of Rs.15.67 Crores by just adding a "zero'' at the end - 156,75,10,000 instead of 15,67,51,000.
Well, a mistake can happen to anyone and this is not material that DDT should be made of. Mistake is not the problem - the AO refused to correct the mistake, in spite of an application by the assessee.
The hapless assessee had to go in writ to the High Court to get a direction to get the wrong zero removed.