Month: January 2018

A Chartered Accountant (CA) in Bengaluru developed an ingenious plan to dupe the income-tax department. He induced employees of reputed companies such as IBM, Vodafone, Saplabs, Biocon, Infosys, ICICI Bank, CISCO, Thomson Reuters etc to file revised returns of income and make fraudulent claim for refunds of tax

We deeply regret to inform that Shri Dinesh M. Vyas, Senior Advocate and Past President of the ITAT Bar Association, passed away on 23rd January, 2018. A condolence prayer meeting will be held at KC College Auditorium on 25th January 2018 between 5pm to 7pm.

The CBDT has made it clear that it will no longer tolerate defiance of the law by unscrupulous taxpayers. Offenders will be dealt with harshly and sent to Jail for non-compliance. In the latest development, a person who deducted TDS but did not pay it over to the Government has been sent to Tihar Jail

The Government has issued a directive dated 8th January 2018 stating that the “character and antecedents” of candidates eligible for appointment to posts of Chairperson, President, Vice-Chairman, Accountant Member, Judicial Member, etc of the Tribunals and Regulatory bodies will have to be checked by the Intelligence Bureau before their names are recommended to the Appointments Committee of the Cabinet (ACC). It is warned that this instructions should be followed “without deviation

The CBDT has vide Order No. 14 of 2018 dated 18th January 2018 promoted officers to the grade of Chief Commissioner of Income-tax (then HAG) in the pay scale of Rs. 67,000 – 79,000 (pre-revised) against the vacancy year 2013-14

The CBDT has apparently directed the officials of the income-tax department to “go into overdrive” in the next three months while making recovery of tax. The officials have been warned that their performance is being “monitored at the highest level“. An official confirmed that there will be searches, surveys, information verification etc, and many doors will be knocked even if the respective targets are met

The Finance Ministry has revealed that it has launched aggressive prosecution against wilful attempt to evade tax or payment of any tax; wilful failure in filing returns of income; false statement in verification and failure to deposit the tax deducted/collected at source etc. It is made clear that the department will carry forward the drive against tax evasion in future as well

The ITAT arranged a tea party as well as a full court reference in honour of Shri P.K. Bansal, Vice-President, who attained superannuation on 9th January 2018. It is notable that Shri P.K. Bansal has qualifications in Law, Chartered Accountancy, Company Secretary and Management. He was a practicing Chartered Accountant for 20 years. The functions were attended by the Hon’ble President and Hon’ble Members of the ITAT as well as a large number of distinguished professionals

Justices Jasti Chelameswar, Ranjan Gogoi, Madan Lokur and Kurian Joseph have written a stinker of a letter to the Chief Justice of India Deepak Misra raising several serious grievances. This letter was released by the four judges in a press conference

Due to intensive efforts undertaken by the Income Tax Department, provisional attachment has been made in more than 900 cases of properties under the Prohibition of Benami Property Transactions Act (the ‘Benami Act’), which came into force w.e.f 1st November, 2016. These attachments include plots of land, flats, shops, jewellery, vehicles, deposits in bank accounts, fixed deposits etc. The value of properties under attachment is more than Rs. 3,500 crore including immovable properties of more than Rs. 2,900 crore