In the category of cases where based on the figure of arrear demand uploaded by the Assessing Officer but disputed by the assessee, the Centralized Processing Center (CPC), Bengaluru has already adjusted any refund arising out of processing of return, the jurisdictional Assessing Officer shall verify the claim of the assessee on merits. After due verification of any such claim on merits, the Assessing Officer shall issue refund of the excess amount, if any, so adjusted by CPC due to inaccurate figures of arrear demand uploaded by the Assessing Officer. The Assessing Officer, in appropriate cases, will also upload amended figure of arrear demand on the Financial Accounting System (FAS) portal of Centralized Processing Center (CPC), Bengaluru wherever there is balance outstanding arrear demand still remaining after aforesaid correction/ reconciliation

Vide letter dated 20.06.2012, the CBDT has released a list of officers who are being considered for promotion to the grade of Chief Commissioner of Income-tax

Vide Order No. 126 of 2012 dated 20.6.2012 the CBDT has informed that the President has ordered that several IRS officers in the grade of Assistant Commissioners of Income-tax be promoted to the grade of Deputy Commissioners of Income-tax

Vide Order No. 5/FT&TR/2012 dated 20.06.2012, the CBDT has reconstituted the Dispute Resolution Panel at Mumbai & Delhi with immediate effect

The OECD has issued a report pointing out that corporate vehicles continue to play a part in a wide range of illicit activities, including tax fraud and evasion, money laundering, bribery, corruption and terrorist financing. Their misuse primarily lies in the way they are exploited, particularly in secrecy jurisdictions, to hide the identity of the beneficial owners and controllers of assets and the parties to illicit transactions

The CBDT has issued a Notification dated 13.06.2012 notifying that no deduction of tax shall be made u/s 194J on certain specified payments by a person for acquisition of software from another person. A pdf copy of the Notification is available for download

Vide letter dated 14.06.2012, the CBDT has intimated the names of IRS officers of the rank of Commissioners of Income-tax who have been selected for a 5 week advanced mid-career training on “Corporate Taxation and Advocacy Skills” which includes 2 weeks of international training in the USA

Vide letter dated 13.06.2012, the CBDT has intimated the names of IRS officers of the rank of Addl. CIT and Joint CIT who have been selected for a 5 week advanced mid-career training on “investigation & IT” which includes 2 weeks of international training in the USA

Vide Circular No. 3 of 2012 dated 12.06.2012 a supplementary Memorandum explaining the official amendments moved in the Finance Bill 2012 as reflected in the Finance Act, 2012 has been issued