81->90
The reasons adduced by the Revenue to the admitted failure of PAN are prima facie phoneys and in any case, could not be wholly true. It is a daring attempt to camouflage the realities behind, - mainly the obtaining serious deficiencies in the system in place, more so lack of concerted ‘will’ for monitoring and strictly enforcing the so called ‘identity’ through PAN as the tool. But the supervening tragedy is that, in the nation’s populace there is only a minority endowed with ‘common sense’, if not profoundly ‘legal sense’. Further, even such minority, by and large, for self-cantered reasons or excuses, does not have the time or mind to ‘stand and stare’, much less to try and do something to the best of the individual or collective ability, towards bringing about any improvement in this or any other like matters of public interest.. The comment @ vijay, so also certain others have rightly pinpointed some of the common areas which require to be looked into for easily eliminating in fructuous or multiple PANs.
Another significant area of concern is – ‘demat accounts’, over which SEBI is expected to have direct and exclusive regulatory control. In this context, the following 2 articles published in Taxmann’s journal – Chartered Accountants Today may be found to provide some useful information:
'PAN' REQUIREMENT FOR DEMAT ACCOUNT HOLDERS (I) (2006) 6 CAT 565
SEBI'S DIRECTIVES MANDATING 'PAN' REQUREMENT – (II) (2006) 7 CAT 64
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