Month: November 2011

Vacancy in Various Posts of ITSC Benches

The CBDT has indicated vide letter dated 25.11.2011 that there are several vacant/ likely to be vacant posts in the Benches of the Income Tax Settlement Commission at Delhi, Chennai, Kolkota and Mumbai

CBDT’s List of Potential Promotees to Post of CIT

The CBDT has released a list dated 23.11.2011 of 111 candidates being considered for promotion to the post of Commissioner of Income-tax

Proforma For Obtaining Transfer Pricing &International Tax Information

Information on tax matters is being sought by field officers of the Income Tax Department from countries/jurisdictions with which India has Double Taxation Avoidance Agreement (DTAA) or Tax Information Exchange Agreement (TIEA) under the relevant ‘Exchange of Information’Article of DTAA/TIEA through the office of competent authority viz. the Joint Secretary in the Foreign Tax &Tax Division, CBDT. Presently the above information is being sought obtained in a prescribed checklist/proforma (copy enclosed as Annexure-A). Further in the case of U.K. for obtaining banking information, a separate proforma has been prescribed by U.K. tax authorities (copy enclosed as Annexure-B)

Empanelment of Advocates To Appear Before The High Court (Revised Fees)

Requirement of Advocates for empanelment as Junior Standing Counsels and Senior Standing Counsels to represent the Department before the Hon’ble High Court of Madras

Orders Appointing Ombudsmen in 5 cities

The Department of Revenue, Ministry of Finance has, vide office order Nos. 299 to 303, all dated 8.11.2011 notified the appointments of Ombudsman at Bangaluru, Ahmedabad, Mumbai, Lucknow and New Delhi.

The Nani Palkhivala National Tax Moot Court Competition 2011

The Moot Court Association of Government Law College organized The Nani Palkhivala National Tax Moot Court Competition (8th Edition) in association with the All India Federation of Tax Practitioners (AIFTP) and the Income Tax Appellate Tribunal Bar Association. The Moot was held from 13th – 15th October, 2011 and was dedicated to 150 years of the Bombay High Court. The competition saw participation from 26 of India’s best law schools. The final round of arguments were presided over by Hon’ble Mr. Justice Mohit S. Shah, Chief Justice, Bombay High Court, Hon’ble Dr. Justice D. Y. Chandrachud and Hon’ble Mr. Justice R. M. Savant, Judges, Bombay High Court

CBDT’s Response To OECD’s Proposed Changes To Commentary On Article 5

The OECD Committee on Fiscal Affairs has proposed important and far-reaching changes to the Commentary on Article 5 (Permanent Establishment) of the OECD Model Tax Convention

Transfer Pricing Rules Revision: Consultation Paper

The Australian Tax Office has issued a Consultation Paper to discuss proposed changes to the Transfer Pricing Rules. Broadly, the changes are intended to align the law to the “Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations”issued by OECD in 2010 and other international law. From an Indian law perspective, the issues discussed in the Consultation Paper will have important bearing because similar issues arise in the Indian law as well.

ITAT Held To Be One Of “The 50 biggest influences in tax”

What came as a pleasant surprise was the compliment paid by the prestigious journal that the ITAT “stands as a major influence in the approach to the practice, with tax payers all over the world using the numerous decisions as bench marks for their own documentation and transfer pricing strategy

Proposed Amendments to ITAT Rules, 1963: Suggestions Invited

The Rules Committee of the Income Tax Appellate Tribunal intends to suggest amendments to the Income-Tax Appellate Tribunal Rules, 1963. For this, views and suggestions from our Association have been sought. We therefore, request members to send their views and suggestions on any aspect of the Rules, on or before 14.11.2011