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

INSTRUCTION NO. 5/2008, DATED 15-5-2008

Reference is invited to Board’s instructions No. 1979 dated 27-3-2000, No. 1985 dated 29-6-2000, No. 6 of 2003 dated 17-7-2003, No. 19 of 2003 dated 23-12-2003, No. 5/2004 dated 27-5-2004, No. 2/2005 dated 24-10-2005 and No. 5/2007 dated 16-7-2007, wherein monetary limits for filing departmental appeals (in Income-tax matters) and other conditions were specified, for filing appeals before Appellate Tribunals, High Courts and Supreme Court.

2. In supersession of the above instructions, it has been decided by the Board that departmental appeals will be filed before Appellate Tribunals, High Courts and Supreme Court as per monetary limits and conditions specified below.

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NOTIFICATION OF ACCOUNTING STANDARDS BY THE CENTRAL GOVERNMENT UNDER THE COMPANIES ACT, 1956

PRESS RELEASE, DATED 14-5-2008

The Government recognises the importance of financial reporting in providing essential financial information about the company to its shareholders and other stakeholders, as an integral and important part of good corporate governance. Such information needs to be reliable, free from bias and should enable comparison on the basis of common benchmarks. This, in turn, necessitates an appropriate, financial reporting system in the form of accounting standards that incorporate sound accounting principles and reflect a true picture of the financial health of the company while ensuring legally enforceable accountability.

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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 Tax Appellate Tribunal, Kolkata by the CBI – Clarification regarding.

Based on the news by agencies, some newspapers have reported on 15.5.2008 that a senior Income Tax officer of the Income Tax Appellate Tribunal, Kolkata was arrested by the CBI accepting a bribe.

2. It is clarified that the concerned person is not an officer / employee of the Income Tax department. To this extent, these news items are factually incorrect, misleading and are denied.

(Shishir Jha)
Commissioner of Income Tax
& Spokesperson, CBDT
Tel: 011 23095453

Update: Article / news item that appeared in a Gujarati newspaper.

F. No. C- 13011/3/2008-Vig.
Government of India
Ministry of Law and Justice
Department of Legal Affairs
4th Floor, ‘A’ Wing, Shastri Bhavan
New Delhi, Dated the 15th may 2008.

O R D E R

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).

Now therefore, the President, in exercise of the powers conferred by sub-rule (1) (b) of Rule 10 of the CCS (CCA) Rules, 1965, hereby places the said Shri Jugal Kishore, Accountant Member, Income Tax Appellate Tribunal, Kolkata Bench, under suspension with immediate effect.

It is further ordered that during the period that this order shall remain in force, the headquarters of Shri Jugal Kishore, accountant Member, Income Tax Appellate Tribunal, should be Kolkata and the said Shri Jugal Kishore shall not leave the headquarters without obtaining the previous permission of the undersigned.

(By order and in the name of the President)

(T.K. VISWANATHAN)
SECRETARY TO THE GOVERNMENT OF INDIA

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