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Bombay High Court’s Tax Bench Constitution w.e.f 04.01.2017

The Constitution of the Bombay High Court’s Tax Bench w.e.f 04.01.2017 is as follows

Posted in All Information, Others

CBDT Circular Clarifies Imp Aspects Of Law On Taxability Of Indirect Transfers In S. 9(1)(i)

The CBDT has issued Circular No. 41 of 2016 in which it has provided clarification to several important aspects relating to the taxability of indirect transfers in s. 9(1)(i) of the Income-tax Act, 1961

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CBDT Constitutes High-Level Committee To Advise On Re-Engineering Of Assessment Proceedings

The CBDT has issued an Office Memorandum dated 19th December 2016 stating that it has set up a committee of high-ranking officials to provide advise on re-engineering the assessment procedure and to arrive at a definite standard assessment procedure through an e-system which should incorporate within itself the principles of certainty, transparency, accountability and natural justice on the one hand and rules for addressing the revenue risks involved on the other. The Committee will also advice of the necessary changes in the Income Tax Laws and Rules necessary for implementing such an assessment procedure

Posted in All Information, Others

Finance Ministry Directive Reg Filing Of Revised Income Tax Returns By Tax Payers Post De-Monetisation Of Currency

The Finance Ministry has issued a press release dated 11th December 2016 in which it has warned that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty/prosecution in appropriate cases as per provision of law

Posted in All Information, Others

CBDT Circular Reg Reopening U/s 147 Of Past Assessments Due To Increase In Current Year’s Turnover

The CBDT has issued Circular No. 40/2016 dated 9th December 2016 directing Assessing Officers not to reopen assessments of earlier years u/s 147 of the Act merely because there is an increase in turnover of the present year because of the adoption by the assessee of digital means of payment. The CBDT has pointed out that such move would cause “undue harassment” to the taxpayers

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CBDT Order Reg Promotion Of IRS Officers To Post Of Joint CsIT

The CBDT has issued Order No. 198 of 2016 dated 9th December 2016 by which it has stated that the President has extended the ad-hoc appointment of several IRS officers to the grade of Joint Commissioner of Income-tax upto 31st December 2016

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Transfers Of Hon’ble Members Of The ITAT (December 2016)

Vide orders dated 29.11.2016 passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following Members of the ITAT have been transferred in the same capacity to the respective Benches, in public interest, with effect from 5th December 2016

Posted in All Information, ITAT related, Transfers/apptts

New Book Release: Interpretation Of Taxing Statutes – Frequently Asked Questions (FAQs)

We are pleased to announce that the All India Federation of Tax Practitioners and Income Tax Appellate Tribunal Bar Association has released its publication titled “Interpretation of Taxing Statutes – Frequently Asked Questions” dedicated in fond memory of Hon’ble Mr. Justice S. H. Kapadia, Former Chief Justice of India. This is a unique publication in a questions-answers format explaining the provisions and various controversies relating to interpretation. This scholarly publication will be a useful reference to Lawyers, Chartered Accountants, Tax Practitioners as well as Members of the ITAT to understand the Basic Principles of Interpretation of Taxing Statutes. The publication having 334 Questions & Answers and is divided into 20 chapters viz. General Principles of Interpretation, Binding Precedents on Direct Taxes, Subsidiary Rules and Special Maxims Aiding Interpretation, Aids to Interpretation (Internal and External) of Statute, Interpretation of Statutes – Exemptions, Deductions and Benefits, Operations, Expiry and Repeal of Statutes, Concepts & Principles of Interpretation of Double Taxation Avoidance Agreements (DTAAs)/ Tax Treaties, The Income Tax and The Constitution of India, Principles of Natural Justice, Interpretation of Penal Provisions in Taxing Statutes, Interpretation of Statutes – Prosecutions under the Income-tax Act, Principles of Interpretation of other Laws Applicable to Direct Tax Laws, Interpretation of Deeds, Documents and Wills, Interpretation of Taxing Statutes – Sales Tax, Interpretation of Indirect Tax Laws, Application of the General Clauses Act, 1897 to the Interpretation of Income-tax Act, 1961, Legal Maxims, Interpretation of Words and Phrases, Wielding The Gavel: Justice – S. H. Kapadia and His Landmark Judgments, Articles for Reference – Interpretation of Taxing Statutes

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Supreme Court’s Rule Of Providing Servants To Retired Judges At Public Cost Sparks Outrage Amongst Citizens

Retired judges of the Supreme Court can now heave a sigh of relief. The Supreme Court has directed that retired judges can now hire domestic help at public expense. Each judge is entitled to appoint a domestic help and will receive full reimbursement of the cost. The new rule did not go down well with some sections of the public. Amitabh Kant, the CEO of NITI Aayog (National Institution for Transforming India), was very vocal in his criticism. He called it “Feudalism at its worst!”

Posted in All Information, Supreme Court/High Court related

Chief Commissioner (IRS) Arrested By CBI For Corruption + CIT(A) Sentenced To 3 Years RI

The Central Bureau of Investigation (CBI) has issued a grim press release dated 30.11.2016 stating that it has registered a case against Principal Chief Commissioner of Central Excise (an IRS officer), Chennai Zone & four Superintendents of Central Excise, Chennai on the allegations that during November, 2016, they conspired with each other and demanded illegal gratification for making favourable transfer postings of certain officers of Central Excise, on payment of Rs. One lakh per person. Further, one of the accused allegedly got an appointment of said Principal Chief Commissioner for delivering Rs.Two lakh at her residence on 29.11.2016

Posted in All Information, Others

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