The CBDT has issued Instruction No. 16/ 2013 dated 31.10.2013 in which it has noted that despite a comprehensive procedure prescribed earlier for action at different stages of Revenue Audit objections, settlement track record is unsatisfactory and remedial action is delayed. It is also pointed out that there is a need to provide that Internal Audit should normally precede Revenue Audit. The CBDT has, therefore, decided to fine tune the procedure and strengthen the role of supervisory authorities so that quick and effective remedial action can be taken to prevent loss of revenue

The CBDT has issued Order No. 5/FT&TR/2013 dated 04.11.2013 specifying the jurisdiction of the Dispute Resolution Panel at Delhi and Mumbai and the cases or classes of cases that they are assigned. The CBDT has also issued Order No. 6/FT&TR/2013 dated 04.11.2013 specifying the reserve members of the DRP at Delhi and Mumbai

Since Cyprus has not been providing the information requested by the Indian tax authorities under the exchange of information provisions of the agreement, it has been decided to notify Cyprus as a notified jurisdictional area under section 94A of the Income-tax Act, 1961 through Notification No. 86/2013 dated 1st November, 2013 published in Official Gazette through SO 4625 GI/13

Yogesh Thar and Anjali Agarwal, the authors of “Domestic Transfer Pricing – Law, Practice and Procedure”, have a wealth of experience backing them. In their busy practice at Bansi. S. Mehta & Co they have handled matters of huge conglomerates and must have encountered virtually every conceivable problem. In addition, both have a flair for writing and giving lectures. They know how to focus on the topic and grab the readers’ interest

The CBDT has issued an Order dated 24.10.2013 under section 119 of the Act in continuation of the order dated 26.09.2013 directing that in cases where the ‘due date’ of furnishing reports of audit and corresponding income-tax returns was 30th September 2013 and where the same are furnished electronically on or before 31st October 2013, such reports of audit and returns of income shall be deemed to have been furnished within the ‘due date’ prescribed under section 139(1) of the Income-tax Act, 1961

The Directorate of Income-tax (Systems) has issued a letter dated 22.10.2013 stating that pursuant to the decision of the full Board the process has been initiated to issue refunds without adjustment of demand as an interim measure in certain cases. The AOs have been requested to carry out necessary verification following the procedure prescribed in s. 245 of the Act

The Directorate of Income-tax (Systems) has issued a letter dated 22.10.2013 stating that about 1.46 lakh returns have been submitted for AY 2013-14 where the self-assessment tax was unpaid. It is stated that these returns are deemed defective under the law. The AOs have been requested to issue notices to the concerned assessees and follow-up to ensure that the unpaid self-assessment tax is deposited at the earliest

The CBDT has issued Notification No. 7 of 2013 dated 21.10.2013 appointing several Assistant Commissioners of Income-tax as Deputy Commissioners of Income-tax in the pay scale of Rs. 15,600 – 39,000 (Plus Grade Pay of Rs. 6,600 in Pay Band-3 with effect from the notified date