Month: January 2017

CBDT Orders Of Postings And Transfers Of Commissioners Of Income-Tax

The CBDT has vide Order Nos. 14 and 15 of 2017 dated 27.01.2017 ordered the posting and transfer of officers in the grade of Commissioner of Income-tax with immediate effect and until further orders

Posted in All Information, Others

CBDT Orders Reg Promotion Of IRS Officers As Joint Commissioners Of Income-Tax

The CBDT has issued Order No. 12 of 2017 stating that the President has extended the ad-hoc appointment of several IRS officers to the grade of Joint Commissioner of Income-tax from 01.01.2017 to 30.06.2017.

The CBDT has also issued Order No. 13 of 2017 dated 25th January 2017 stating that the President has promoted several IRS officers to officiate on regular basis in the grade of Joint Commissioner of Income-tax in the pay band 3 – Rs. 15,600 – 39,100 + (7,600 – Grade Pay) (pre-revised) with immediate effect

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CBDT Issues Circular To Clarify Law On Implementation Of GAAR Provisions Under The Income-Tax Act

The CBDT has issued Circular No. 7 of 2017 dated 27.01.2017 in which it has provided important clarifications on implementation of GAAR (General Anti-Avoidance Rule) provisions under the Income-tax Act, 1961

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Supreme Court To Probe Govt’s Lethargy In Appointment Of President & VPs Of ITAT

A PIL has been filed in the Supreme Court in which serious issues with regard to the inaction by the Government on the important issues of appointment of the President and the Vice Presidents of the ITAT have been raised. The PIL has alleged that “ad hocism has become order of the day as many of the posts of senior vice presidents and vice presidents have not been filled up“. It is also stated that “the timely appointment of Presidents, Vice-Presidents and members will go a long way in tackling the burgeoning tax litigations in the country.

Posted in All Information, ITAT related, Supreme Court/High Court related, Transfers/apptts

ITAT Members And Tax Bar Celebrate Foundation Day

On 25th January 2017, the Income Tax Appellate Tribunal celebrated its 76th Foundation Day. Hon’ble Justice Dev Darshan Sud (Retd), the President of the ITAT, invited the members of the Tax Bar to join the celebrations. A large number of Hon’ble Members of the ITAT as well as distinguished members of the Tax Bar graced the occasion. The dignitaries recalled the stellar contribution of the ITAT to the cause of justice and pledged to ensure that the ITAT would live up to its objective of Sulabh Nyay, Satwar Nyay (Easy Justice, Quick Justice)

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CBDT Issues Circular To Clarify Law On Low Tax Effect Circulars

The CBDT has issued Circular No. 5/2017 dated 23.01.2017 in which it has clarified the impact of Circular No. 21/2015 dated 10.12.2015 and Circular No. 8/2016 with regard to the non-filing of appeals by the department in cases where the tax effect does not exceed the specified monetary limits

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ITAT Is Not A ‘Kangaroo Court’: Top Tax Lawyers Fume At Insult By Chief Minister

Shri. Virbhadra Singh, the Hon’ble Chief Minister of Himachal Pradesh, has insulted the Income Tax Appellate Tribunal, by calling it a “Kangaroo Court” which is motivated by “political vendetta”. Top tax lawyers across the Country are upset at the sorry state of affairs and are demanding that the learned Chief Minister should apologize for his intemperate remarks

Posted in All Information, ITAT related

Download E-Book On Rules Of Interpretation Of Tax Statutes By N. M. Ranka, Sr. Advocate

The Bombay Chartered Accountants’ Society (BCAS) has released a publication titled “Rules of Interpretation of Tax Statutes” which is authored by Shri. N. M. Ranka, an eminent senior advocate. The learned author has dealt with important issues such as the difference between a charging provision and a machinery provision, the rules for interpretation of Double Taxation Avoidance Agreements, the law on retrospective, prospective and retroactive provisions, the principles of “Stare Decisis”, “Ejusdem Generis”, “Non Obstante” etc, etc. The learned author has also referred to all the important judgements on the subject. The e-book will prove invaluable to all tax payers and tax professionals

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CBDT Issues Circular To Clarify Law On Taxation And Investment Regime For PMGKY Scheme

The CBDT has issued Circular No.2 of 2017 dated 18.01.2017 by which it has provided important clarifications on the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016. The PMGKY provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity to declare such income and pay tax, surcharge and penalty totaling in all to 49.9 per cent. of such declared income and make a mandatory deposit of not less than 25% of such income in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.The Scheme has commenced on 17.12.2016 and shall remain open for declarations/deposit upto 31.03.2017

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CBDT Keeps Circular No. 41/2016 (Taxation Of Indirect Transfers) In Abeyance To Address Concerns Of Stakeholders

The CBDT has issued a press release dated 17.01.2017 stating that it has received representations from various FPIs, FIIs, VCFs and other stakeholders expressing concerns that Circular No. 41/2016 which was issued on 21.12.2016 to deal with clarification on Indirect Transfer provisions, does not address the issue of possible multiple taxation of the same income. The CBDT has stated that pending the examination of the representations, the operation of the above mentioned circular is kept in abeyance for the time being

Posted in All Information, Others

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