It may be recalled that in Vodafone International vs. UOI 341 ITR 1 the Supreme Court held that a transfer of shares of an offshore company would not chargeable to tax in India even if all the assets of the company were situated in India. To suprecede the judgement, a retrospective amendment was inserted in s. 9(1)(i) of the Income-tax Act, 1961 by the Finance Act 2012 w.r.e.f. 1.4.1962. The Shome Committee also issued a detailed report on the subject. The CBDT has now issued an Order dated 28.08.2014 u/s 119 of the Act and set up a Committee to implement the said provisions of s. 9(1)(i). The Order provides that if the AO considers that any income is deemed to accrue or arise in India before 1st April, 2012 through transfer of a capital asset situate in India in consequence of the amendments introduced with retrospective effect, he shall shall seek prior approval of the Committee for the proposed action. The Committee is required to examine the proposed action of the AO and, after providing an opportunity to the assessee, take a decision on the proposed action within 60 days. The Committee’s decision is binding on the AO

Vide Order No. 136 of 2014 dated 20.08.2014, the CBDT has ordered the transfer and posting of several officers in the grade of Additional/ Joint Commissioners of Income-tax with immediate effect and until further orders

Vide Order dated 20.08.2014, the CBDT has ordered the transfer and posting of several officers in the grade of Additional/ Joint Commissioners of Income-tax under the directorates of International Taxation & Transfer Pricing with immediate effect and until further orders

Vide Order No. 132 of 2014 dated 19.08.2014, the CBDT has ordered the transfer and posting of several officers in the grade of Deputy/ Assistant Commissioners of Income-tax with immediate effect and until further orders

In exercise of power conferred by section 119 of the Income-tax Act (‘the Act’), the Central Board of Direct Taxes (CBDT) hereby extends the due date for obtaining and furnishing of the report of audit under section 44AB of the Act for Assessment Year 2014-15 in case of assessees who are not required to furnish report under section 92E of the Act from 30th day of September, 2014 to 30th November, 2014

Vide Order No. 130 of 2014 dated 14.08.2014 the CBDT has transferred and posted several officers in the grade of Additional/ Joint Commissioner of Income Tax with immediate effect

Vide Order No.2/FT&TR/2014 dated 13.08.2014, the CBDT has changed the constitution of the DRP at Mumbai and Pune

Vide Order No. 127 dated 14.08.2014 the CBDT has stated that the president has appointed several officers of India Revenue Service (Income Tax) to the grade of Joint Commissioner of Income Tax purely on Ad-hoc basis in the PR-3 Rs. 15,600-39,100 with GP Rs.7,600/- with effect from assumption of charge for a period not exceeding one year

The Finance (No. 2) Act 2014, as assented by the Hon’ble President on 6th August, 2014 and as published in the Official Gazette, is available for download