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 before the L1 Bench are transferred to L Bench. This order takes effect from 19″‘ July, 2010.

  Hon'ble President's order regarding L-1 Bench (15.3 KiB, 363 hits)

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.

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.

  Order No. 81 of 2010 dated 9.7.2010 issued by CBDT for transfer / posting of CITs (472.6 KiB, 2,688 hits)

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.