Verification of high value transactions (investments/deposits/expenditure) of persons who are not assessed to income tax

Press Release No. 402/92/2006-MC (03 of 2012), dated 18-1-2012

The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March, 2012, for verifying high value transactions (investments/deposits/expenditure) from persons who are not assessed to income tax or who have not furnished their PAN while entering into such transactions. In an instruction issued today, the CBDT issued proforma for query letters and responses to be issued to the high value investors/depositors/spenders.

2. Addressees will be required to furnish their PAN if they already have one, or apply immediately for PAN to NSDL/UTIISL if they do not have one. They will also be required to explain the source of the high value investments/deposits/expenditure, and whether these are properly accounted for/explained in the income tax return filed by them. Persons who have not properly accounted for the high value transactions, are required to pay due taxes and file the income tax return within this financial year, i.e., by 31st March, 2012. For furnishing the information called for, visit to the tax office is not necessary. Information can be sent by speed/registered post.

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Vide order dated 23.01.2012 passed in pursuance of the consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice Presidents, Shri D K Srivastava, Accountant Member, Income tax Appellate Tribunal, Chandigarh Benches, Chandigarh has been transferred in public interest, in the same capacity to the Income Tax Appellate Tribunal, Rajkot Bench, Rajkot with effect from the forenoon of 6th February 2012.

5 Accountant Members and 8 Judicial Members were administered oath of office on Monday 23.01.2012 in Court Room No 1 in Mumbai by Shri G.E. Veerabhadrappa, Hon’ble President who welcomed them to the ITAT Family. They are

Accountant Members

1. Jason P. Boaz,
2. Tarvinder Singh Kapoor,
3. Anil Chaturvedi,
4. Narendra Kumar Billaiya and
5. Tej Ram Meena

Judicial Members

1. Chandra Mohan Gupta,
2. Saktijit Dey,
3. C.N. Prasad,
4. Amit Shukla,
5. Vikas Awasthy,
6. Satbeer Singh Godara,
7. Kul Bharat
8. Vivek Varma.

We wish the Hon’ble Members good luck in their new postings

Hon’ble Chief Justice Mr. Mohit S. Shah of Bombay High Court has administered oath to the following new Judges on 23/1/2012.

1. Hon’ble Justice Mr. M.S. Sanklecha

2. Hon’ble Justice Mr. R.D. Dhanuka

3. Hon’ble Justice Mr. S.P. Deshmukh

4. Hon’ble Justice Mr. N.M. Jamdar

5. Hon’ble Justice Smt. Sadhana S. Jadhav

The Hindustan Times has carried the following press report today (23.01.2012)

Quote

Chief Justice of India SH Kapadia has asked the government to take “appropriate action” against at least 20 members of the country’s top income tax tribunal who are on the CBI’s radar for having allegedly ‘outsourced’ writing of judgments to private parties.

 

Justice Kapadia is understood to have conveyed his displeasure to law minister Salman Khurshid over inaction on the issue since 2008, HT has learnt. Khurshid met the CJI earlier this month.

 

The meeting was followed up by justice Kapadia writing to Khurshid on January 5, reminding the minister about his communication with the ministry in February last year.

 

Following justice Kapadia’s letter, Khurshid has directed the legal affairs department “to expedite the matter”.
The CBI has been seeking sanction from the ministry since 2008 to register a preliminary inquiry against at least 20 members of the Income Tax Appellate Tribunal posted in different parts of the country.

 

The agency alleged that these members had outsourced writing of judgments to private parties to favour them.
Khurshid told the Rajya Sabha on January 12, “The matter is under consideration in consultation with the Central Vigilance Commission.”

 

The law ministry, which has administrative control over the tribunal, recently granted sanction to the CBI to file a chargesheet in a Kolkata court against suspended tribunal member Jugal Kishore and five others. But it hasn’t responded to the agency’s request for a probe against other members pending for more than three years.

 

Following a tip-off, the CBI in May 2008 recovered R28 lakh from Kishore’s Kolkata residence. A chartered accountancy firm allegedly paid the amount to him.

 

Subsequently, the CBI seized computers from the firm and scrutiny of discs led to retrieval of 75 documents that showed striking similarities with 69 orders passed by the tribunal’s benches in Kolkata, Mumbai, Chennai, Hyderabad, Bhubaneswar and Guwahati.

Unquote

In pursuance of the consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Tribunal are hereby transferred in public interest in the same capacity, to the Bench/es of the Income Tax Appellate Tribunal as shown against their names with effect from 06.02.2012.

We wish the Hon’ble Members good luck in their new postings.

Vide Order No. 17 of 2012 dated 19.01.2012 the CBDT has stated that three IRS officers have been selected as Accountant Members of the Tribunal and that their services are placed at the disposal of the Department of Legal Affairs, Ministry of Law & Justice, with effect from the date of assumption of charge or until further orders

Vide Order No. 14 dated 17.01.2012 the CBDT has, on promotion to the grade of Joint Commissioners of Income-tax on ad hoc basis, transferred & posted officers with immediate effect

Vide Order No. 13 dated 17.01.2012 the CBDT has transferred & posted officers in the grade of Additional/ Joint/ Deputy/ Assistant Commissioners of Income-tax in the Directorate of International Taxation & Transfer Pricing with immediate effect