Month: December 2009

Samsung Electronics (Kar HC): Special Bench to hear arguments

In M/s Prasad Productions Ltd, a Special Bench, Chennai, has been constituted to hear the following question: “Whether for the purposes of sections 201(1) and 201(1A), when an assessee responsible for making payment to a Non-resident, has not applied to the Assessing Officer u/s 195(2) for deduction of tax at a lower or Nil rate of tax, he is under statutory obligation to deduct tax at source computed on the entire payment to the Non-resident treating the same as income chargeable to tax, in the light of decision of the Apex Court in the case of Transmission Corporation of A.P. Ltd. v. CIT(239 ITR 587)?” The matter was heard by the Bench compromising Hon’ble Shri P P Parikh, Shri N Barathvaja Sankar and Shri Hari Om Maratha on November 3, 2009. In view of the judgement of the Karnataka High Court in Samsung Electronics, the matter has been refixed for hearing on January 27, 2010.

Constitution of Special Bench on set-off of unabsorbed depreciation u/s 32 (2)

A Special Bench in the case of M/s Times Guaranty Ltd has been constituted to decide the following question: “On the facts and circumstances of the case, whether the unabsorbed depreciation relating to A.Y. 1997-1998 to 1999-2000 is to be dealt with in accordance with the Provisions of Section 32(2) as applicable for A.Y. 1997-1998 to 1999-2000 as claimed by the revenue or the same has to be dealt with in accordance with the said provisions as applicable to A. Y. 2003-04 and 04-05 as claimed by the Assessed”

Scheme for improving quality of assessments – S. 144A

For past sometime the Board has been concerned about the need for improving general quality of scrutiny assessments on a sustainable basis. In this connection, reference is invited to Board’s instruction No. 2/2006 dated 27.04.2006 which required monitoring of scrutiny assessments by Range Heads under the powers available to them under section 144A of Income tax Act. Instructions have also been issued from time to time for strengthening the machinery for review of assessments and inspection of assessment charges. However, it is felt that there is significant scope for improving the quality of scrutiny system. The matter came up for discussion during 25th Annual Conference of Chief Commissioner of Income tax held in August 2009. A presentation was made by CCIT Chandigarh outlining a scheme for improving quality assessments implemented in NWR Region. After taking into account various suggestions, it was decided to devise a similar scheme with appropriate flexibility for country-wide implementation.

Constitution of Tax Bench in the Bombay High Court (Jan 2010)

The Hon’ble Shri Justice V.C. DAGA & The Hon’ble Shri Justice K.K. TATED Court Room No. 53 Writ Petitions arising out of Customs, Excise, Sales Tax, Income Tax and all other Revenue matters under the Central Acts for Admission and

New Perquisite Rules – amendment to Rule 3

The Income-tax (13th Amendment) Rules, 2009 was notified on 18th December 2009. It substitutes Rule 3 of the Income-tax Rules, 1962. The text of the Notification can be downloaded here.

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