Budget 2010-2011 Speech of Pranab Mukherjee Minister of Finance

February 26, 2010

Madam Speaker,

I rise to present the Union Budget for 2010-11.

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In the SLP filed against the judgement of the Karnataka High Court in CIT vs. Samsung Electronics, the Supreme Court has directed that all matters be placed for final hearing on 18th August, 2010.

A writ Petition challenging the constitutional validity of the Explanation inserted by the Finance No.2 Act 2009 to section 80IA (4) of the Act with retrospective effect from 1.4.2000 has been admitted today (16.2.2010) by the Bombay High Court in Patel Engineering Ltd vs. ACIT W. P. No. 219 of 2010.

Section 80IA (4) inserted w.e.f. AY 1996-97 allows a deduction of 100%/30% of profits derived by undertakings engaged in developing, maintaining and operating infrastructure facilities. It is the case of the Petitioner that there was no distinction between undertakings developing etc infrastructure facilities on their own accord or as a works contractor and that this has been the consistent understanding of the income-tax authorities as well. It is argued that by the Explanation, the scope of the main substantive section has been restricted and that the effect of the retrospective amendment is to take away a vested right, both of which are not permissible under the law.

The Writ Petition has been fixed for final hearing on 15.3.2010.All those having matters relating to interpretation of section 80IA (4) which are pending before the High Court are requested to give the Appeal/Writ Nos. to the Associate for grouping matters.

The ITAT is organizing a ‘Members’ Conference on International Taxation’ on 19th & 20th February 2010 at Vigyan Bhavan, New Delhi.

The Conference will be inaugurated by the Hon’ble Mr. Justice K.G. Balakrishnan, Chief Justice of India. Dr M Veerapa Moily, Union Law Minister, will be Guest of Honour. Hon’ble Justice S. H. Kapadia will deliver a keynote address on “Shrinking globe, its impact and challenges before judiciary”.

The topics to be deliberated in the conference include topics of everyday importance to tax practitioners such as “Determination of Arms Length Price – Traditional methods vs. profit based methods, applications and pitfalls”, “Permanent Establishment” , “Development of Global Tax Jurisprudence” etc.

The speakers are eminent experts such as Hon’ble Justice S H Kapadia, Mr. Michael Lennard Chief, International Tax Cooperation Unit, United Nations, New York, Ms. Caroline Silberztein, Head of Transfer Pricing Unit, OECD, Paris, Prof. Win Winjen, IBFD, Prof Ned Shelton, Denmark Shri SSN Moorthy, Chairman, CBDT, Shri Prakash Chandra, Member, CBDT, Mrs. Anita Kapoor, Chief Commissioner of Income Tax and others. Hon’ble President Shri Vimal Gandhi, Hon’ble Sr Vice President Shri R V Easwar, Hon’ble Vice Presidents Shri G E Veerabhadrappa and Shri P P Parikh will also address the conference.

There are no charges for the conference though attendance is by invitation only.

Hon’ble President ITAT Shri Vimal Gandhi has extended invitation to the ITAT Bar Association, Mumbai, to participate in the Conference and assured that he will accommodate as many requests for participation as may be possible. However, since only a limited number of persons can be accommodated, you are requested to send the request for invitations, at the soonest, to itatconf(at)itatonline.org

  Click here to download the itat conference programme brochure. (43.6 KiB, 1,154 hits)

The Department of Legal Affairs, Ministry of Law & Justice has invited applications for the posts of Judicial Members and Accountant Members in the Income Tax Appellate Tribunal. There are 22 vacancies for the post of Judicial Member while there are 13 vacancies for the post of Accountant Member.

Details of the qualifications required etc are available in the attached document.

  Application for appointment of Judicial & Accountant Members of the ITAT (20.5 KiB, 5,085 hits)