Transfer of Hon’ble Members (Dec 2010)
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Year: 2010
Bombay High Court’s Tax Bench w.e.f. 05.01.2011
Sitting list and assignment of Judicial Work on the Original side of the Bombay High Court on and from Wednesday, the 5th January 2011
Dear DTC 2010, Hear Our Woes … !!
The ITAT Bar Association has filed a detailed representation before the Select Committee set up to address grievances against the DTC Bill 2010. Apart from several other important issues, the Representation points out that unless the tax administration is made accountable, transparent, efficient, unbiased and pragmatic in its approach and functioning, no amount of reform in mere tax laws will have any meaningful effect
High Court Judges To Retire Later – Bar’s Efforts Bear Fruit
We are happy to report that our tireless efforts have borne fruit. According to news reports, a Parliamentary standing committee has endorsed the governments proposal to increase the retirement age of HC judges from 62 to 65.The committee said with retirement age of judges of the HCs and the SC coming on a par, there would be less competition among the HC judges for elevation to the SC
Bombay High Court’s Notice Regarding Writ Petition Hearing
All Writ Petitions, Appellate Side and Original Side, upto the year 1990 irrespective of the category/classification will be taken up by the Division Bench presided over by Hon’ble the Chief Justice. All Writ Petitions, Appellate Side and Original Side, from the year 1991 to 1995 irrespective of the category/classification will be taken up by the Division Bench presided over by Hon’ble Shri Justice D.K. Deshmukh
Bombay High Court’s Tax Bench w.e.f. 15.11.2010
Sitting list and assignment of Judicial Work on the Original side of the Bombay High Court on and from Monday, the 15th November 2010
Book Release: “151 Frequently Asked Questions On Survey”
Book Release: “151 Frequently Asked Questions On Survey”
Instruction No. 03/2010 dated 23-3-2010: Tax Implications Of Forward Foreign Exchange Contracts
Foreign Exchange derivative transactions entered into by the corporate sector in India have witnessed a substantial growth in recent years. This combined with extreme volatility in the foreign exchange market in the last financial year is reported to have resulted in substantial losses to an assessee on account of trading in forex-derivatives. A large number of assesses are said to be reporting such losses on ‘marked to market’ basis either suo motu or in compliance of the Accounting Standard or advisory circular issued by the Institute of Chartered Accountants. The issue whether such losses on account of forex-derivatives can be allowed against the taxable income of an assessee has been considered by the Board. In this connection, I am directed to say that the Assessing Officers may follow the guidelines given below
Filing SLPs: Dept Takes Stern View & Pins Responsibility on CIT To Avoid Delay
Pursuant to the public criticism of the Finance Minister at the mindless litigation undertaken by the department causing loss of crores of rupees to the nation (see Fret Not, Mr. FM, About Appeal-Filing Mania & Grasim superseded .. but whither accountability?), the CBEC issued a Circular to streamline the processing of departmental litigation before the Courts and Tribunal. The Directorate General of Income Tax (Legal & Research) has now issued a directive to regulate the filing of Special Leave Petition (SLPs) before the Supreme Court
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