A Bill called “The Tribunals, Appellate Tribunals and Other Authorities (Conditions of Service) Bill, 2014” (pdf) has been introduced in the Rajya Sabha. The Bill seeks to regulate the terms of appointment and service of the Members of several Tribunals …
Bill To Appoint ITAT Members For 5 Years Will Destroy Independence Of ITAT Read More »
S. 264 of the Income-tax Act permits the assessee to make an application to the CIT for revision of orders passed by the AO. The CBDT has issued Instruction No. 11/2014 dated 16.05.2014 stating that there shall be administrative supervision of such revision orders passed by the CIT u/s 264. Guidelines have been laid down which have to be complied with by the CIT
The CBDT has vide Order No. 71 of 2014 dated 19.05.2014 ordered the posting of eleven officers in the grade of Commissioner/ Director of Income-tax with immediate effect and until further orders
The CBDT has vide Order No. 69 of 2014 dated 16.05.2014 ordered the postings of 47 officers of the grade of Commissioner/ Director of Income-tax. Vide another Order No. 70 of 2014 dated 16.05.2014 the CBDT has ordered the posting of 148 officers promoted to the grade of Joint Commissioners/ Joint Directors of Income-tax
There will be a change in the constitution of the Tax Bench of the Bombay High Court w.e.f. 09.06.2014
The Income-tax department has, probably in response to the repeated strictures passed by the Courts, appointed 23 advocates to its panel in the Bombay High Court so as to enable better representation of its matters. There are 14 advocates designated as “Senior Standing Counsel” and 9 advocates designated as “Junior Standing Counsel”.
The CBDT has announced the setting up of a “National Judicial Reference System” (NJRS). The NJRS comprises of two components, the “Appeals repository and Management System” and the “Judicial Research and Reference System”.
The CBDT’s view with regard to the assessee not being the “owner” runs counter to the law laid down in Noida Toll Bridge 213 Taxman 333 and several other judgements. In Swarna Tollway, the ITAT has conducted a thorough analysis of the entire law on the subject and concluded that the assessee has to be treated as the “owner” even though it has limited rights on the structure. The Tribunal relied on several judgements of the Supreme Court including Mysore Minerals 239 ITR 775 (SC) where the concept of “owner” has been considered in great detail
The CBDT has issued a letter dated 11.04.2014 pointing out that in a recent case, a scheme of amalgamation was designed to seek amalgamation with retrospective effect so as to claim set-off of losses of the amalgamated company with the profits of the amalgamating company. Though the department filed an intervention application in the High Court to object to the amalgamation, the same was dismissed on the ground that the department had no locus standi in the matter. The CBDT has stated that to avoid this situation again, the procedure prescribed in this behalf vide MCA’s Circular No. 1/2014 dated 15.01.2014 (pdf) for objecting to amalgamations etc which are prejudicial to the interests of the revenue should be followed
Hon’ble Justice R. V. Easwar rightly says that the book “Direct Taxes Glossary” by Hon’ble Shri. Rajendra, Accountant Member, ITAT, fulfils the long-felt need of tax practitioners for a handy digest of case laws
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