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Important Transfer Pricing Controversy Referred To Special Bench
Vide Order dated 06.01.2014 the Special Bench in the case of Maersk Global Service Centres (India) Pvt. Ltd has directed that the questions referred to it, relating to whether back office support services are comparable to KPO functions and whether companies earning abnormally high profit margin can be treated as comparable be reframed. The Special Bench has stated that the matter will be heard on 08.01.2014 and that assessees desiring to intervene in the matter should contact the Registry
Finance Ministry Invites Suggestions For Tax Reforms From Tax Payers
The Finance Ministry has written a letter dated 24.12.2013 pointing out that the Tax Administration Reform Commission (“TARC”) has been set up to recommended measures to enhance the effectiveness and efficiency of the tax administration system
National Company Law Tribunal Invites Applications For Members
The Ministry of Company Affairs has issued letters dated 10.12.2013 inviting applications for the post of Judicial Member and Technical Member in the National Company Law Tribunal. There are 19 vacancies for the post of Judicial Member and 14 for the post of Technical Member
CBDT Promotes Assistant Commissioners To Post of Deputy Commissioners
Vide Notification No. 11 of 2013 dated 31.12.2013 the CBDT has appointed 81 Assistant Commissioners of Income-tax (Junior Scale) to officiate as Deputy Commissioners of Income-tax (Senior Time Scale) In the Pay Scale of Rs. 15,600-39,000/- (Plus Grade Pay of Rs. 6,600/- In Pay Band-3) with effect from the date(s) indicated against their name
Transfer Pricing: CBDT Issues Important Directives On Safe Harbour Rules
Pursuant to the Safe Harbour Rules in Rules 10TA to 10TG, the CBDT has issued a letter dated 20.12.2013 in which it has laid down important directives and clarifications on the manner in which the Safe Harbour Rules are meant to be implemented
Law Ministry Takes Stern View Of Defective Filings By Professionals
The Ministry has asked professionals to ensure that the filing of all forms is defect free and in accordance with the provisions of the Companies Act, 1956 and Rules/ Regulations/ guidelines/ Circulars, as applicable
List Of Closed And Restricted Holidays For The ITAT In 2014
The Assistant Registrar of the Tribunal has released a list of closed and restricted holidays for the Tribunal
S. 143(1): CBDT Relaxes Time Period For Issue Of Refund Intimations
The CBDT has issued Instruction No. 18/2013 dated 17.12.2013 stating that there are several instances where due to technical or other reasons the intimation in refund cases could not be sent to the assessees within the time limit prescribed in the second proviso to s. 143(1) of the Act. To alleviate the grievance caused to the assessee, the CBDT has exercised its powers u/s 119(2)(a) of the Act to extend the time frame prescribed in the second proviso to s. 143(1) and directed the AOs to grant the refund subject to conditions
S. 40(a)(ia) TDS Disallowance: CBDT Issues Circular To Clarify Stand
The CBDT has issued a Circular No. 10/DV/2013 dated 15.12.2013 in which it has analyzed the controversy created by recent judgements on the question whether the term “payable” in s. 40(a)(ia) includes the amounts that have already been paid during the year or it refers only to the amounts outstanding as at the year end. It is noted that while the Special Bench of the Tribunal in Merilyn Shipping 136 ITD 23 (SB) and the Allahabad High Court in Vector Shipping has taken the view that the disallowance in s. 40(a)(ia) does not apply to amounts that are already paid, a contrary view has been taken by the Calcutta High Court in Crescent Export Syndicate/ Md. Jakir Hossain Mondal and the Gujarat High Court in Sikandarkhan Tunvar
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