Month: December 2016

We are pleased to report that two eminent lady advocates have achieved the rare distinction of being the first woman Presidents of their respective Bar Associations

The CBDT has issued a Press Release dated 22nd December 2016 in which it has provided important clarification regarding the requirement to report cash transactions under Rule 114E of the Income–tax Rules, 1962

The CBDT has issued Circular No. 42 of 2016 dated 23rd December 2016 in which important clarifications on the Direct Tax Dispute Resolution Scheme, 2016 have been provided

The Constitution of the Bombay High Court’s Tax Bench w.e.f 04.01.2017 is as follows

The CBDT has issued Circular No. 41 of 2016 in which it has provided clarification to several important aspects relating to the taxability of indirect transfers in s. 9(1)(i) of the Income-tax Act, 1961

The CBDT has issued an Office Memorandum dated 19th December 2016 stating that it has set up a committee of high-ranking officials to provide advise on re-engineering the assessment procedure and to arrive at a definite standard assessment procedure through an e-system which should incorporate within itself the principles of certainty, transparency, accountability and natural justice on the one hand and rules for addressing the revenue risks involved on the other. The Committee will also advice of the necessary changes in the Income Tax Laws and Rules necessary for implementing such an assessment procedure

The Finance Ministry has issued a press release dated 11th December 2016 in which it has warned that any instance coming to the notice of Income-tax Department which reflects manipulation in the amount of income, cash-in-hand, profits etc. and fudging of accounts may necessitate scrutiny of such cases so as to ascertain the correct income of the year and may also attract penalty/prosecution in appropriate cases as per provision of law

The CBDT has issued Circular No. 40/2016 dated 9th December 2016 directing Assessing Officers not to reopen assessments of earlier years u/s 147 of the Act merely because there is an increase in turnover of the present year because of the adoption by the assessee of digital means of payment. The CBDT has pointed out that such move would cause “undue harassment” to the taxpayers

The CBDT has issued Order No. 198 of 2016 dated 9th December 2016 by which it has stated that the President has extended the ad-hoc appointment of several IRS officers to the grade of Joint Commissioner of Income-tax upto 31st December 2016

Vide orders dated 29.11.2016 passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following Members of the ITAT have been transferred in the same capacity to the respective Benches, in public interest, with effect from 5th December 2016