The CBDT has issued Circular No. 7 of 2017 dated 27.01.2017 in which it has provided important clarifications on implementation of GAAR (General Anti-Avoidance Rule) provisions under the Income-tax Act, 1961
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Year: 2017
Supreme Court To Probe Govt’s Lethargy In Appointment Of President & VPs Of ITAT
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Posted in All Information, ITAT related, Supreme Court/High Court related, Transfers/apptts
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A PIL has been filed in the Supreme Court in which serious issues with regard to the inaction by the Government on the important issues of appointment of the President and the Vice Presidents of the ITAT have been raised. The PIL has alleged that “ad hocism has become order of the day as many of the posts of senior vice presidents and vice presidents have not been filled up“. It is also stated that “the timely appointment of Presidents, Vice-Presidents and members will go a long way in tackling the burgeoning tax litigations in the country.”
ITAT Members And Tax Bar Celebrate Foundation Day
On 25th January 2017, the Income Tax Appellate Tribunal celebrated its 76th Foundation Day. Hon’ble Justice Dev Darshan Sud (Retd), the President of the ITAT, invited the members of the Tax Bar to join the celebrations. A large number of Hon’ble Members of the ITAT as well as distinguished members of the Tax Bar graced the occasion. The dignitaries recalled the stellar contribution of the ITAT to the cause of justice and pledged to ensure that the ITAT would live up to its objective of Sulabh Nyay, Satwar Nyay (Easy Justice, Quick Justice)
CBDT Issues Circular To Clarify Law On Low Tax Effect Circulars
The CBDT has issued Circular No. 5/2017 dated 23.01.2017 in which it has clarified the impact of Circular No. 21/2015 dated 10.12.2015 and Circular No. 8/2016 with regard to the non-filing of appeals by the department in cases where the tax effect does not exceed the specified monetary limits
ITAT Is Not A ‘Kangaroo Court’: Top Tax Lawyers Fume At Insult By Chief Minister
Shri. Virbhadra Singh, the Hon’ble Chief Minister of Himachal Pradesh, has insulted the Income Tax Appellate Tribunal, by calling it a “Kangaroo Court” which is motivated by “political vendetta”. Top tax lawyers across the Country are upset at the sorry state of affairs and are demanding that the learned Chief Minister should apologize for his intemperate remarks
Download E-Book On Rules Of Interpretation Of Tax Statutes By N. M. Ranka, Sr. Advocate
The Bombay Chartered Accountants’ Society (BCAS) has released a publication titled “Rules of Interpretation of Tax Statutes” which is authored by Shri. N. M. Ranka, an eminent senior advocate. The learned author has dealt with important issues such as the difference between a charging provision and a machinery provision, the rules for interpretation of Double Taxation Avoidance Agreements, the law on retrospective, prospective and retroactive provisions, the principles of “Stare Decisis”, “Ejusdem Generis”, “Non Obstante” etc, etc. The learned author has also referred to all the important judgements on the subject. The e-book will prove invaluable to all tax payers and tax professionals
CBDT Issues Circular To Clarify Law On Taxation And Investment Regime For PMGKY Scheme
The CBDT has issued Circular No.2 of 2017 dated 18.01.2017 by which it has provided important clarifications on the Taxation and Investment Regime for the Pradhan Mantri Garib Kalyan Yojana, 2016. The PMGKY provides an opportunity to persons having undisclosed income in the form of cash or deposit in an account maintained with a specified entity to declare such income and pay tax, surcharge and penalty totaling in all to 49.9 per cent. of such declared income and make a mandatory deposit of not less than 25% of such income in the Pradhan Mantri Garib Kalyan Deposit Scheme, 2016.The Scheme has commenced on 17.12.2016 and shall remain open for declarations/deposit upto 31.03.2017
CBDT Keeps Circular No. 41/2016 (Taxation Of Indirect Transfers) In Abeyance To Address Concerns Of Stakeholders
The CBDT has issued a press release dated 17.01.2017 stating that it has received representations from various FPIs, FIIs, VCFs and other stakeholders expressing concerns that Circular No. 41/2016 which was issued on 21.12.2016 to deal with clarification on Indirect Transfer provisions, does not address the issue of possible multiple taxation of the same income. The CBDT has stated that pending the examination of the representations, the operation of the above mentioned circular is kept in abeyance for the time being
Finance Ministry Notifies Effective Date Of India-Cyprus DTAA (Download Full DTAA)
The Ministry of Finance has issued a Notification dated 10.01.2017 stating that all the provisions of the Agreement and Protocol between the Government of Republic of India and the Government of Republic of Cyprus for the avoidance of double taxation and the Prevention of Fiscal evasion with respect to taxes on income shall be given effect to in the Union of India with effect from the 1st day of April, 2017 being the First day of Fiscal year next following the year in which the said Agreement and Protocol entered into force
Transfers Of Hon’ble Members Of The ITAT (January 2017)
Vide order dated 13.01.2017 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 20th January 2017
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