Year: 2018

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

The CBDT has issued Circular No. 01 of 2018 dated 10th January 2018 by which it has issued important directions regarding the processing of income-tax returns under section 143(1) of the Income-tax Act, 1961 which were filed in Forms ITR-1 to 6 and the applicability of section 143(1)(a)(vi)

The Central Government notified the Companies (Amendment) Act, 2017 (Amendment Act) on 3rd January, 2018. The provisions of this Amendment Act shall come into force on the date or dates as the Central Government may appoint by notification(s) in the Official Gazette. A few provisions in the Amendment Act have important bearing on the working of the Insolvency and Bankruptcy Code, 2016 (Code). A copy of the amendment act is available for download

The CBDT has vide ordes nos. 6, 8 and 10 of 2018 dated 8th and 9th January 2018 ordered the transfer and posting of officers in the grade of Principal Commissioner of Income-tax, Commissioner of Income-tax and Assistant/ Deputy Commissioner of Income-tax with immediate effect and other further orders

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The Tax Bench of the Hon’ble Bombay High Court with effect from 4th January 2018 is as follows