The ‘Unregulated Deposit Schemes Ordinance, 2019’ bans altogether unregulated deposit taking schemes. It provides for punishment and disgorgement / repayment of deposits in cases where such schemes manage to raise deposits illegally. The Ordinance has very wide implications and requires to be studied carefully by all professionals.
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Year: 2019
CBDT Directive Reg S. 143(1)(a) Prima facie Adjustments For AY 2017-18
The Directorate of Income-tax (System) has issued a directive dated 20.02.2019 on the subject of processing of Return of AY 2017-18 and issue of notice for prima facie adjustment under 143(1)(a). It is pointed out that with effect from AY 2017-18 amendments have been done in the Act with regard to processing of cases under 143(1). Provision of section 143(1D) has been amended, as per which all the returns are required to be processed. Section 241A allowing withholding of refund determined under 143(1) in cases where notice u/s 143(2) is issued is also introduced
AOs Should Appear Before CsIT(A) & Properly Defend ‘Quality’ Assessment Orders: CBDT
The CBDT has issued a directive dated 14th February 2019 in which it has stated that all assessment orders which are marked as “quality orders” should be duly represented before the CIT(A) by the department and properly defended with verbal and written submissions. The CBDT has stipulated a clear-cut SOP on the subject
IRS Officers Appointed Joint Commissioners Of Income-tax
The CBDT has vide Office Order Nos. 26 and 27 of 2019, both dated 14th February 2019, stated that the President has extended the ad-hoc appointment of several IRS officers to the grade of Joint Commissioner of Income-tax
“Habitually Corrupt” IRS Officer & 90-Year Old Mum Sentenced To 7-Years RI For Corruption
An IRS Officer, who attained notoriety for being “habitually corrupt“, has been found guilty and sentenced to 7-years of rigorous imprisonment. His 90-year old mother, who was his accomplice in the crime, has also been found guilty. His property has also been confiscated
CBDT To Examine ‘Perverse’ Orders Of ITAT And Evaluate Performance Of Counsel
The CBDT has directed the formation of a committee consisting of high-ranking officials who will inter alia examine “perverse and irregular” orders of the ITAT and cases where the submissions of the DRs have not been recorded by the ITAT. These will be taken up by the CBDT with the President, ITAT/ Ministry of Law. The CBDT has also called for information relating to the performance of standing counsel as to the number of cases decided in favour of, and against, the department
E-Assessment: Download CBDT Notification Reg Centralised Verification Scheme, 2019
The CBDT has issued a Notification dated 30th January, 2019 by which it has formulated a scheme called the Centralised Verification Scheme, 2019. The scheme provides for centralised issuance of notice and for processing of information or documents and making available the outcome of the processing to the Assessing Officer in the context of E-Assessment
ITAT Members Deserve To Be Appointed High Court Judges: Tax Professionals At Foundation Day Celebration
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Posted in All Information, ITAT related, Supreme Court/High Court related, Transfers/apptts
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There is no institutionalized process of elevation of the Members of the ITAT to the High Court. There are a good number of Judicial Members who deserve to be elevated to the High Court. AIFTP has made representation to Honourable Chief Justice of India and also to the Honorable law Minister. Hon’ble President, being from the judiciary, would be able to help in this regard and when the foundation day is celebrated the next year, some positive development could be expected
Tax Professionals Should Do Yoga To Stay Healthy: ITAT Vice-President On Retirement
A full court farewell function was held to mark the retirement on superannuation of a Vice-President of the ITAT. The Hon’ble VP offered valuable advice including how professionals can stay healthy and wise with Yoga and the use of herbal medicine
CBDT Press Release On ‘Angel Tax Terrorism’ Of Start-Ups
The CBDT has been criticized over alleged ‘tax terrorism’ of two award-winning start-ups named ‘Travel Khana’ and ‘Baby Go Go’. It is alleged that the AOs attached the bank account and withdrew funds, leaving the start-ups high and dry. It is claimed that nearly 2500 start-ups are in similar dire state over tax demands. The CBDT has issued a press release to clear the air and has claimed that all procedures were diligently followed by the AO and the start-ups are to blame for non-compliance
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