Month: May 2008

Revision of monetary limits for filing appeals by the Department before ITAT etc

Revision of monetary limits for filing appeals by the Department before Income tax Appellate Tribunals, High Courts and Supreme Court- measures for reducing litigation.

Notification of Accounting Standards by the Central Government

The work of formulating down accounting standards for the companies operating in India was initiated when the Institute of Chartered Accountants of India (ICAI), a statutory body regulating the accounting profession in the country, first took up this task in 1977. However, the accounting standards prepared and issued by the ICAI were mandatory only for its members, who, while discharging their audit function, were required to examine whether the said standards of accounting were complied with. With the amendment of the Companies Act, 1956 through the Companies (Amendment) Act, 1999, accounting standards as well as the manner in which they were to be prescribed, were provided a statutory backing.

CBDT’s clarification on arrest of ITAT Member

No.402/94/04/2008-MC Government of India / Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi dated 16th May 2008 CLARIFICATION Sub: News item appearing in various newspaper on 15.5.2008 regarding arrest of a Member of the Income

ITAT Member’s suspension order in Rs 30 Lakhs bribery case

Whereas, a case against Shri Jugal Kishore, accountant Member, Income Tax Appellate Tribunal, Kolkata Bench, under section 120-B IPC read with section 7 and 12 of the Prevention of Corruption Act, is under investigation by the Central Bureau of Investigation (CBI).

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