Year: 2019

We are pleased to state that Honourable Mr. Justice Pradeep P. Bhatt, President of the ITAT, was honoured on 1-9-2019 in recognition of his Systematic Reforms & Infrastructure in Judiciary & ITAT. Mr. Justice Pradeep P. Bhatt has been conferred with the Justice P. N. Bhatwati Award by his Excellency Mr. Biswabhusan Harichandran, Honourable Governor of Andhra Pradesh in the distinguished presence of Mr. Justice A. K. Patnaik, former Judge of Supreme Court of India, Mr. N. Ravi Chairman, Press Trust of India. It is an honour to this Institution

It is for the first time in the history of the ITAT where a function was held in the presence of the Members of the ITAT, members of the Bar and the Departmental Representatives. Honourable Vice-President, Shri Pramod Kumar assumed the Charge in the presence of Honourable President Mr. Justice Pradeep P. Bhatt, Honourable Vice-President G. S. Pannu, honourable members on behalf of the ITAT Bar Association, Mr. Hiro Rai, President, Dr. K. Shivaram, Sr. advocate, past president, Mr. Subash S. Shetty, Past President and Senior departmental representatives were also invited on the occasion of Shri Pramod Kumar assuming charge as Vice-President

The CBDT has vide Circular No. 23 of 2019 dated 6th September 2019 stated that cases where organised tax-evasion scam is noticed through bogus Long-Term Capital Gain (LTCG)/Short Term Capital Loss (STCL) on penny stocks will be excluded from the benefit of the enhanced monetary limits stipulated in Circular no. 17 of 2019 dated 08.08.2019. The CBDT may by way of special order direct filing of appeal on merit in cases involved in organised tax evasion activity

The CBDT has vide directive dated 5th September, 2019 specified the guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20

The CBDT has vide Office Memorandum dated 2nd September, 2019 specified a modification in the new system of approval in respect of application under section 197 of Income Tax Act

Pursuant to an order dated 20th August, 2019 passed by Justice P P Bhatt, the Hon’ble President of the ITAT, the transfers of two Hon’ble Vice Presidents have been ordered w.e.f. 2nd September, 2019

The CBDT has issued Circular No. 22/2019 dated 30th August, 2019 by which it has provided clarity on several aspects relating to the assessment of startups under section 56(2)(viib) of the Income-tax Act, 1961 and the recovery of demand therefrom. The Circular is said to be a consolidated one and is intended to provide a hassle-free tax environment to the Startups as promised by the Hon’ble Finance Minister

The CBDT has issued a press release in which it has clarified doubts as to whether section 194N which is to come into effect from 1st September, 2019 applies to cash withdrawals prior to 1st September, 2019 and make them subject to the TDS

Pursuant to complaints from eminent citizens that the Income-tax Department is indulging in “tax terrorism” of start-up entities, a “startup cell” comprising of five high-ranking officials of the CBDT has been set up to redress grievances and address various tax related issues in the cases of Startups. The CBDT had earlier instructed AOs that no coercive measures to recover the outstanding demand should be taken if additions have been made u/s 56(2)(viib) of the Income-tax Act, 1961 read with Rule 11UA(2)

The Prime Minister’s Office (PMO) is personally monitoring whether the Department is complying with the directive to withdraw low-tax effect appeals as set out in CBDT’s Circular Circular no. 17 of 2019 dated 08.08.2019. This is revealed by the letter dated 29th August 2019 addressed by the CBDT to the Pr Chief Commissioners of Income-tax. The CBDT has also stipulated vide letter dated 20th August, 2019 that all appeals below the monetary limit should be withdrawn by 31st October 2019