Month: June 2010

In Topman Exports vs. ITO 318 ITR 87 (Mum)(SB)(AT) the Special Bench held that for purposes of s. 80HHC only the “profit” on sale of DEPB entitlements (i.e. the sale value less the face value) was required to be considered. In an appeal by the department, this judgement has been reversed by the Bombay High today, 29th June 2010.

Hon’ble Justice Ferdinho I. Rebello of the Bombay High Court has been appointed Chief Justice of the Allahabad High Court.

Download The Direct Tax Code Revised Discussion Paper 2010

Hon’ble Shri. R. V. Easwar has been appointed the officiating President of the Income Tax Appellate Tribunal and has assumed charge at Mumbai on June 4, 2010.

Hon’ble Shri. Vimal Gandhi, President of the Tribunal retired today, 3rd June 2010. Shri. Gandhi practiced as an Advocate from 1970 to 1985 and joined the Tribunal as a Judicial Member on 16.9.1985. He served as Vice President from 6.8.1997 to 30.10.2003 and was appointed President on 31.10.2003. He served as President for six years and seven months. When Mr. Gandhi was appointed President, the pendency of matters in the Tribunal was 180,666 and this has been brought down to 47,000 as on 1.4.2010. Mr. Gandhi started the system of refresher course for the Members of the ITAT. He was also instrumental in allotting the library premises to the Bar Association, Mumbai. Mr. Gandhi represented the Tribunal at national and international seminars of repute including at the United Nations where he made a presentation of successful practices at the ITAT. He also formulated broad guidelines on how judgements should be written for the benefit of Members.