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The Standards Of Professional Conduct And Etiquette (Code of Ethics)

ITAT being the Mother Tribunal, may impress other Tribunals to follow the good example set by ITAT. It is also desired that whenever a new Member is appointed,they may be provided the material which may contain code of ethics, guidance to be kept in view by the Members of the ITAT while drafting orders, conventions for Members of the ITAT etc

Change In Constitution Of Bombay High Court’s Tax Bench w.e.f. 11.03.2019

There will be a change in constitution Of Bombay High Court’s Tax Bench w.e.f. 11.03.2019. The revised constitution is as follows

CBDT Issues SOP Reg Handling Of Cash Deposit Cases &Making Best Judgement Assessment

The CBDT has issued a letter dated 5th March 2019 in which the Standard Operating Procedure (SOP) for handling of cases related to substantial cash deposit during the demonetisation period has been prescribed. The CBDT has spelt out in clear-cut terms how the AO should frame a best judgement assessment in cases where the notice u/s 142(1) is not complied with by the assessee

CBDT Order Reg Promotion Of ITOs To Assistant Commissioners Of Income-Tax

The CBDT has vide Office Order No. 43 of 2019 dated 28th February 2019 stated that the President has appointed several Income Tax Officers to the grade of Assistant Commissioners of Income-tax. The CBDT has also vide Office Order No. 44 of 2019 dated 28th February 2019 extended the appointments of several Assistant Commissioners of Income-tax

Do Not Harass Taxpayers Or Be High-Handed With Them: New CBDT Chief To AOs

Hon’ble P. C. Mody, the newly appointed Chairman of the CBDT, has sent the clear message to all officials of the income-tax department that while maximizing the revenue collection is the immediate priority, the same has to be done “without any harassment or high handedness“. The learned Chairman has stipulated that the conduct of the officials should be impeccable, friendly, yet objective –without fear or favour –as the Dept moves towards becoming a non-adversarial regime

CBDT Revises Targets For Collection Of Corporate Tax In FY 2018-19

The CBDT has revised the target for collection of corporation tax for FY 2018-19. The region-wise targets are also specified. The revised targets are required to be further allocated amongst the charges within the jurisdiction of the PCsIT. The target for personal income-tax has remained unchanged.

CBDT Turns Heat On 100s Of Donors Who Claimed Deduction U/s 35(1)(ii) In Bogus Donation Racket

The CBDT has launched a crackdown on 100s of alleged unscrupulous assessees who claimed deduction u/s 35(1)(ii) by making donations to alleged bogus institutions. The CBDT has provided a list of the donors and directed that in order to curb the blatant misuse of the beneficial provision, appropriate remedial action with respect to the donors should be initiated by the AOs

Unregulated Deposits Banned. Download Ordinance

The ‘Unregulated Deposit Schemes Ordinance, 2019’bans altogether unregulated deposit taking schemes. It provides for punishment and disgorgement / repayment of deposits in cases where such schemes manage to raise deposits illegally. The Ordinance has very wide implications and requires to be studied carefully by all professionals.

CBDT Directive Reg S. 143(1)(a) Prima facie Adjustments For AY 2017-18

The Directorate of Income-tax (System) has issued a directive dated 20.02.2019 on the subject of processing of Return of AY 2017-18 and issue of notice for prima facie adjustment under 143(1)(a). It is pointed out that with effect from AY 2017-18 amendments have been done in the Act with regard to processing of cases under 143(1). Provision of section 143(1D) has been amended, as per which all the returns are required to be processed. Section 241A allowing withholding of refund determined under 143(1) in cases where notice u/s 143(2) is issued is also introduced

AOs Should Appear Before CsIT(A) &Properly Defend ‘Quality’Assessment Orders: CBDT

The CBDT has issued a directive dated 14th February 2019 in which it has stated that all assessment orders which are marked as “quality orders”should be duly represented before the CIT(A) by the department and properly defended with verbal and written submissions. The CBDT has stipulated a clear-cut SOP on the subject