Year: 2019

The CBDT has issued Office Memorandum dated 9th May 2019 in which it has fairly decided to accept the verdict of the Bombay High Court in Chamber of Tax Consultants v. CBDT (2019) 263 Taxman 551 that the policy of grant of “incentives” to CsIT(A) for making enhancement and levying penalty transgresses the exercise of quasi-judicial powers & is wholly impermissible and invalid u/s 119. The Court held that “Incentives” have the propensity to influence the CsIT(A) and they will be tempted to pass an order in a particular manner so as to achieve a greater target of disposal. The CBDT has withdrawn the credit already granted to the CsIT(A)

The CBDT has issued Circular No. 18 of 2019 dated 8th August, 2019 in which it has provided important clarification in respect of filling-up of the ITR forms for the Assessment Year 2019-20. The clarification is in the nature of questions and answers and cover a wide-ranging spectrum of issues. The circular is expected to clear doubts in the minds of taxpayers and tax professionals

The CBDT has vide Circular No. 17/2019 dated 8th August 2019 further enhanced the monetary limits for filing of appeals by the Department before the Income Tax Appellate Tribunal (ITAT), High Courts and SLPs/appeals before Supreme Court

The Finance (No. 2) Act, 2019 received the assent of the President on the 1st August, 2019, and is now available for download

There will be a change in the constitution of the Bombay High Court’s Tax Bench w.e.f. 13.08.2019

The CBDT has issued an important clarification regarding the requirement to furnish scrip wise details of long term capital gains in Schedule 112A and 115AD(1)(iii)

The CBDT has sent the clear signal in the Central Action Plan 2019-20 that it will no longer tolerate the lethargy of CsIT(A) in the matter of disposal of appeals. It has pointed out that huge tax demands are locked up in these appeals. It has stipulated that 100% of appeals involving demands of Rs. 50 crore should be disposed off

Indore Bench of ITAT was set up on 2nd June 1969 and completed glorious 50 years discharging its function efficaciously and effectively in the justice delivery mechanism on direct tax matters. There have been several landmark decisions which have held their fort right up to the Apex Court

The Economic Survey 2019 has identified several root causes for the mammoth pendency of 3.5 crore cases in Courts. It has offered valuable suggestions for improving efficiency, which includes reducing the number of holidays that the Courts merrily take at the cost of the poor litigant

The Finance (No. 2) Bill 2019 as presented in Parliament today is available for download