Year: 2012

Vide letter dated 27.12.2012, the CBDT has released a list of officers who are being considered for promotion to the grade of Chief Commissioner of Income-tax

The CBDT has issued a Press release dated 26-12-2012 in which it has answered several questions relating to foreign investors in an easy-to-understand format. The questions raised pertain to the requirement to obtain PAN, how to compute capital gains, how to offer income to tax, the applicability of treaty benefits, the obligation to deduct TDS, set-off of losses, rate of tax etc. The FAQs are very important for all tax practitioners

Minutes of the meeting held on 14th December 2012 by Hon’ble President of the Tribunal with the representatives of the ITAT Bar Association, Mumbai

Vide Order No. 229 dated 20.12.2012 & 230 dated 21.12.2012, the CBDT has transferred officers in the grade of Additional/ Joint/ Deputy & Assistant Commissioner. Vide Order No. 234 of 2012 dated 21.12.2012, the CBDT has promoted Additional CIT/ Additional DITs to the grade of Commissioner of Income-tax

Download Companies Bill 2011 As Passed By The Lok Sabha on 18.12.2012

Constitution Of The Bombay High Court’s Tax Bench w.e.f. 03.01.2013

Hon’ble Shri. Pramod Kumar, Accountant Member, Kolkata Bench, delivered a presentation on “Substance vs. Form – Judicial Perspective” at a seminar organized by Foundation for International Taxation on 6th to 8th December 2012. In the presentation, the Hon’ble Member has explained how the controversy over whether form should prevail over substance has evolved and how Courts have dealt with the controversy. The issue has been explained in the backdrop of the judgements of the Supreme Court in McDowell & Co Ltd 154 ITR 148, Azadi Bachao Andolan 263 ITR 706 & Vodafone International 341 ITR 1

Vide two Office Orders, both dated 05.12.2012, the Director General of Income-tax (International Taxation) has ordered the transfer and posting of officers in the cadre of Addl/ Joint/ Director/ Commissioner of Income-tax & Deputy /Asst. Director/ Commissioner of Income-tax under various Directorates of International Taxation & Transfer Pricing with immediate effect

Vide Order No. 222 of 2012 dated 4.12.2012, the CBDT has promoted several officers in the grade of Additional Commissioner/ Additional Director of Income-tax to the grade of Commissioner of Income-tax in the pay band of Rs. 37,400 – 67,000 + grade pay Rs. 10,000 with immediate effect

U/s 56(2)(vii)(c), (viia) & (viib), the receipt of shares of a company for a consideration which is less than the aggregate fair market value of the shares is deemed to be “income” to the extent that the fair market value of the shares exceeds the consideration. The formula for determining the “fair market of the shares” is set out in Rule 11UA. Vide Notification No. 52/2012 [ 142/19/2012-so (tpl)]/so 2805(e), dated 29-11-2012, Rule 11UA has been amended to provide, in respect of unquoted shares, a revised method of determining the FMV and to give the assessee the choice of valuing the shares as per the Discounted Free Cash Flow method