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| JKPDCL forgot to deposit advance tax, paid Rs 3.26 cr extra | | Saga of draining of Public Purse | | early times report
jammu, Jan 29: The public exchequer lost a whooping amount of Rs 3.26 crore due to the alleged dilatory mode of governance or non- serious approach of the JKPDCL officials.
According to the documents in possession of Early Times Jammu and Kashmir State Power Development Corporation Limited failed to deposit the advance tax during the financial year 2014-15 (assessment year 2015-16) as stipulated in these sections of the Income Tax Act, 1961. As a result, the Corporation had to pay interest of Rs 3.26 crore in March for the assessment year 2015-16, as assessed in December 2016 by the Income Tax Department.
The interest payment could have been avoided through timely payment of advance tax.
Sections 234 (B) and 234 (C) of the Income Tax Act, 1961 stipulate that, where in any financial year, an assessee who is liable to pay advance tax under section 208 has failed to pay such tax or, where the advance tax paid by such assessee under the provisions of section 210 is less than 90 per cent of the assessed tax, the assessee shall be liable to pay interest for defaults in payment of advance tax and also interest for deferment of advance tax.
It was observed further that the income tax is to be paid on accrued income and non-receipt of dues from State Government did not absolve the Corporation of its failure to meet its statutory obligations. Further, there was sufficient cash and cash equivalents amounting to Rs 100.24 crore as available with the Corporation to pay the advance tax. For non/ delayed payment of advance tax, the Corporation had to pay avoidable interest which reflected imprudent financial management.
Furthermore, it was due to the PDD that the total number of incomplete projects was 30 till the recent past for which Rs 525.29 crore were sanctioned. These projects remaining incomplete led to the cost escalation to Rs 655.53 crore, resulting in an extra expenditure of Rs 401.16 crores.
In the power sector, upgrade of transmission lines and construction of several hydel power projects were earlier obstructed. Two years ago, work on the 850-MW Ratle project on Chenab river at Drabshalla in Kishtwar district was stopped as those who were accorded the project stated that the "atmosphere around the site was insecure.'' The company was forced to do this after people entered its site offices "and harassed the staff demanding employment. |
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