Vide two Office Orders, both dated 05.12.2012, the Director General of Income-tax (International Taxation) has ordered the transfer and posting of officers in the cadre of Addl/ Joint/ Director/ Commissioner of Income-tax & Deputy /Asst. Director/ Commissioner of Income-tax under various Directorates of International Taxation & Transfer Pricing with immediate effect
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Promotion of Additional CITs/ DITs To Commissioners of Income-tax
Vide Order No. 222 of 2012 dated 4.12.2012, the CBDT has promoted several officers in the grade of Additional Commissioner/ Additional Director of Income-tax to the grade of Commissioner of Income-tax in the pay band of Rs. 37,400 – 67,000 + grade pay Rs. 10,000 with immediate effect
Taxation Of Gifts U/s 56(2): CBDT Modifies Rule For Valuation Of Unquoted Shares
U/s 56(2)(vii)(c), (viia) & (viib), the receipt of shares of a company for a consideration which is less than the aggregate fair market value of the shares is deemed to be “income” to the extent that the fair market value of the shares exceeds the consideration. The formula for determining the “fair market of the shares” is set out in Rule 11UA. Vide Notification No. 52/2012 [f.no. 142/19/2012-so (tpl)]/so 2805(e), dated 29-11-2012, Rule 11UA has been amended to provide, in respect of unquoted shares, a revised method of determining the FMV and to give the assessee the choice of valuing the shares as per the Discounted Free Cash Flow method
Procedure For Adjustment Of Refunds: CBDT Directive To CPC/ CITs
With a view to mitigate the problem raised due to mismatch of tax and TDS credits, the Income-tax Department has issued an Instruction letter dated 27.11.2012 which contains a step by step procedure for adjustment of refunds to be followed by the AOs and the Centralized Processing Center
CBDT’s Posting Policy + Transfers & Postings of Addl/Joint/Dy/Asst CITs
Vide Notification dated 30.11.2012, the CBDT has set out the posting policy for posting of officers in the Directorates of International Taxation & Transfer Pricing
Revised Guidelines For Disciplinary Proceedings Against Delinquent Govt. Servants
Instructions have been issued in the past for expeditious disposal of disciplinary proceedings against delinquent government servants. However, it has been observed that disciplinary proceedings are generally taking a long time which defeats the very purpose of initiating the said proceedings
ITAT Specifies Procedure & Guidelines For Hearing Appeals Via Video-Conferencing
The decision taken in March 2012 to set up E-Tribunal for hearing of appeals via video-conferencing has finally seen the light of day. It was earlier announced that Hon’ble Shri. R. K. Gupta, Judicial Member, would preside over the E-Tribunal, Mumbai. Now the detailed Guidelines on the subject have been formulated by the Tribunal
Promotion & Transfers Of Chief Commissioners of Income-tax
Vide Order No. 214 dated 21.11.2012, the CBDT has promoted some officers in the grade of Commissioner to the grade of Chief Commissioner of Income-tax and also ordered the transfers & postings of the CCITs
Law Ministry’s Explanation For Non-Appointment Of Permanent ITAT President
The ITAT Bar Association has been vigorously pursuing with the Government the issue of appointment of a permanent President of the Tribunal as well as filling up the vacancies in the posts of the Senior Vice Presidents. Pursuant to an application filed on behalf of the Bar Association/AIFTP under the Right to Information Act, the Ministry of Law & Justice has vide letter bearing F. No.23 (l24)/2012-IC dated 6.11.2012 indicated the reason for non-appointment of a permanent President of the Tribunal and non-filling of vacancies in the posts of Sr. Vice Presidents
Transfers of Hon’ble ITAT Members (November 2012)
Vide orders dated 15.11.2012 passed in pursuance of the consultations of the collegiums of the Income Tax Appellate Tribunal, consisting of the President and two senior-most Vice Presidents, the following decisions have been taken with regard to transfers: (i) Shri. …
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