Category: All Information

ITAT Directive Reg Fixing Of Stay Applications For Hearing

Hon’ble Shri P. K. Bansal, the Vice-President of the ITAT, has issued an important directive dated 12th May 2017 with regard to the fixation of stay applications for hearing.

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CBDT Order Posting &Transferring Assistant And Deputy Commissioners Of Income-tax

The CBDT has issued Order No. 80 of 2017 dated 18.05.2017 by which it has directed the postings and transfers of several officers in the grade of Assistant And Deputy Commissioners Of Income-tax with immediate effect and until further orders

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ITAT Proposes Important Changes To Tribunal Rules

The ITAT has issued a notice dated 11th May 2017 stating that it intends to make important changes to the Tribunal Rules. The proposed amendments deal with important aspects such as the grant of adjournments, hearings of stay petitions, rectification applications, pronouncements of orders etc.

The proposed changes will have an impact on all tax professionals and tax payers. It is vital that the proposed changes be studied minutely and suggestions offered to the committee that has been set up to approve the changes.

Posted in All Information, ITAT related, Procedures/Guidelines

Draft Income Computation and Disclosure Standard (ICDS) On Real Estate Transactions

The CBDT has released “Draft Income Computation and Disclosure Standards on Real Estate Transactions”prepared by the Committee constituted by the Finance Minister. The draft ICDS is based on the Guidance Note issued on Real Estate Transactions issued by Institute of Chartered Accountants of India (ICAI). For the purposes of providing uniformity and certainty and harmonising the same with provisions of the Act, the committee suggested certain changes in draft ICDS. The CBDT has requested stakeholders to offer comments on the draft ICDS

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Get Ready For Digital &Paperless Courts

The first step towards ushering in digital and paperless courts has been taken by way of the inauguration of the Supreme Court’s Paperless, Digital Management System. The new system, aimed at serving as a digital repository for case-related information, can be accessed at www.sci.gov.in. The system is the first step to ending the age-old practice of filing voluminous case records. The Supreme Court will collect all records electronically from lower courts and high Courts. This will dispense with the requirement to file printed copies in the Supreme Court.

Posted in All Information, Supreme Court/High Court related

IRS Officer Demands Bribe Of Rs. 15 Crore – Busted!

Yet another senior IRS officer has fallen into the clutches of the CBI. He demanded a bribe of Rs. 15 crore and was caught red-handed accepting the first installment of Rs. 1.25 crore

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Bombay High Court’s Tax Bench Constitution w.e.f 05.06.2017

The Constitution of the Bombay High Court’s Tax Bench w.e.f 05.06.2017 is as follows

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Appointment Of ITAT Members For Only Five Years Will Undermine The Independence Of The ITAT: AIFTP

The All India Federation of Tax Practitioners (AIFTP), an apex body of tax practitioners, has addressed a detailed representation to Shri Arun Jaitley, the Union Finance Minister, pointing out that section 184 of the Finance Act 2017, which mandates the appointment of Members of the ITAT for a short tenure of only five years, will undermine the independence of the institution and lead to disastrous consequences. The AIFTP has warned that the whole purpose of setting up the ITAT as an independent and fearless judicial body will be frustrated and taxpayers will lose confidence in the institution. It has urged the Hon’ble Finance Minister to rescind the said provision and retain the existing provision for appointment of ITAT Members

Posted in All Information, ITAT related, Transfers/apptts

New ITAT Vice-President Gets Warm Welcome From ITAT Bar Association

In order to felicitate Hon’ble Shri P. K. Bansal, Vice-President of the ITAT, a function was organized by the ITAT Bar Association on 5th May 2017. The function was attended by several distinguished members of the Bench and the Bar. The Hon’ble Vice-President assured the gathering that the Tribunal will continue to deliver on the promise of ‘Sulabh Nyay, Satwar Nyay’(Easy justice, quick justice). He also assured that the grievances, if any, of the members of the Bar with regard to the functioning of the ITAT will be addressed and resolved speedily. A few pictures taken on the occasion are embedded below

Posted in All Information, ITAT related

Change In Postings Of Vice-Presidents Of The ITAT

Pursuant to orders dated 13th April 2017 passed by Hon’ble Shri. G. D. Agarwal, President of the ITAT, Hon’ble Shri. P. K. Bansal, Vice-President, has been posted as Vice-President of the Mumbai Zone and Hon’ble Shri. Ravindra Singh Syal, Vice-President, has been posted as Vice-President of the Lucknow Zone (headquarters at Delhi). Both postings are with effect from 13.04.2017 and until further orders.

Posted in All Information, ITAT related, Transfers/apptts