The Constitution of the Bombay High Court’s Tax Bench w.e.f 05.06.2017 is as follows
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Year: 2017
Appointment Of ITAT Members For Only Five Years Will Undermine The Independence Of The ITAT: AIFTP
The All India Federation of Tax Practitioners (AIFTP), an apex body of tax practitioners, has addressed a detailed representation to Shri Arun Jaitley, the Union Finance Minister, pointing out that section 184 of the Finance Act 2017, which mandates the appointment of Members of the ITAT for a short tenure of only five years, will undermine the independence of the institution and lead to disastrous consequences. The AIFTP has warned that the whole purpose of setting up the ITAT as an independent and fearless judicial body will be frustrated and taxpayers will lose confidence in the institution. It has urged the Hon’ble Finance Minister to rescind the said provision and retain the existing provision for appointment of ITAT Members
New ITAT Vice-President Gets Warm Welcome From ITAT Bar Association
In order to felicitate Hon’ble Shri P. K. Bansal, Vice-President of the ITAT, a function was organized by the ITAT Bar Association on 5th May 2017. The function was attended by several distinguished members of the Bench and the Bar. The Hon’ble Vice-President assured the gathering that the Tribunal will continue to deliver on the promise of ‘Sulabh Nyay, Satwar Nyay’ (Easy justice, quick justice). He also assured that the grievances, if any, of the members of the Bar with regard to the functioning of the ITAT will be addressed and resolved speedily. A few pictures taken on the occasion are embedded below
Change In Postings Of Vice-Presidents Of The ITAT
Pursuant to orders dated 13th April 2017 passed by Hon’ble Shri. G. D. Agarwal, President of the ITAT, Hon’ble Shri. P. K. Bansal, Vice-President, has been posted as Vice-President of the Mumbai Zone and Hon’ble Shri. Ravindra Singh Syal, Vice-President, has been posted as Vice-President of the Lucknow Zone (headquarters at Delhi). Both postings are with effect from 13.04.2017 and until further orders.
GST, GAAR & POEM Are Terrible For The Indian Economy: Arvind Datar
Eminent jurist Arvind Datar has delivered a talk in which he has severely criticized the introduction of Goods & Service Tax Act (GST), GAAR and POEM. He has argued that these legislative measures will cause enormous hardships to the taxpayers and will make India a less attractive destination for foreign investors. He has given cogent reasons in support of his propositions
CIT(A), CA And MD Of Essar Group Held By CBI For Bribe Of Rs. 2 Crore
In a shocking incident, an IRS officer who is presently serving as a CIT(A), a Chartered Accountants and senior officials have been arrested by the CBI on allegations of demanding, and accepting, a bribe for passing favourable orders
Transfers Of Hon’ble Members Of The ITAT (May 2017)
Vide order dated 25th April 2017 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 May 2017
CBDT Circular Explains Law On Whether Lease Rent From Industrial Park/SEZ Is Assessable As Business Profits
The CBDT has issued Circular No. 16/2017 dated 25.04.2017 in which it has considered the issue whether income arising from letting out of premises /developed space along with other amenities in an Industrial Park/SEZ is to be charged under head ‘Profits and Gains of Business’ or under the head ‘Income from House Property’. The issue has been the subject manner of litigation in recent years. The assessees claim the letting out as business activity and that the income arising therefrom has to be charged to tax under the head ‘Profits and Gains of Business’. The Assessing Officers hold it to be chargeable under the head ‘Income from House Property’
CBDT Circular Clarifies Law On Retrospective Removal Of Cyprus From List Of Notified Areas U/s 94A
The CBDT has issued Circular No. 15 of 2017 dated 21.04.2017 to clarify whether the removal of Cyprus from the list of notified jurisdictional areas under section 94A of the Income-tax Act, 1961 is with retrospective effect or not
CBDT Transfer Orders Of ACIT, DCIT, Addl CIT And Joint CsIT
The CBDT has vide Order No. 55 of 2017 dated 24.04.2017 ordered the postings and transfers of several officers in the grade of Assistant / Deputy Commissioner of Income Tax with immediate effect and until further orders.
The CBDT has vide Order No. 56 of 2017 ordered the postings and transfers of several officers in the grade of Additional/ Joint Commissioner of Income Tax with immediate effect and until further orders
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