Month: July 2010

Abolition of “L1” Bench in ITAT

The Hon’ble President Shri. R. V. Easwar has passed the following order dated 5th July 2010: Sub: Appeals pending before L1 Bench, ITAT., Mumbai – reg. In supersession of all earlier orders on the above subject, all the appeals pending

Broker’s Bad Debts Allowable U/s 36(1)(vii)

In Shreyas S. Morakhia the Special Bench has answered the question whether a share broker is entitled to deduction of bad debts u/s 36(1)(vii) r.w.s. 36(2) in favour of the assessee.

Transfers of Commissioners of Income-tax (July 2010)

The following Order No. 81 of 2010 dated 9th July 2010 has been issued by the Central Board of Direct Taxes to direct transfers / postings of officers in the grade of Commissioner of income-tax

Dividend-Stripping Law upheld by Supreme Court

In Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ITR 421 (Bom)) held that the ‘loss’ incurred by an assessee in ‘dividend-stripping’ transactions cannot be disallowed on the ground that it was ‘tax-planning’. The department’s SLP against the said judgement has been dismissed by the Supreme Court today, 6th July 2010.

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