Vide Order No. 222 of 2012 dated 4.12.2012, the CBDT has promoted several officers in the grade of Additional Commissioner/ Additional Director of Income-tax to the grade of Commissioner of Income-tax in the pay band of Rs. 37,400 – 67,000 + grade pay Rs. 10,000 with immediate effect
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Taxation Of Gifts U/s 56(2): CBDT Modifies Rule For Valuation Of Unquoted Shares
U/s 56(2)(vii)(c), (viia) & (viib), the receipt of shares of a company for a consideration which is less than the aggregate fair market value of the shares is deemed to be “income” to the extent that the fair market value of the shares exceeds the consideration. The formula for determining the “fair market of the shares” is set out in Rule 11UA. Vide Notification No. 52/2012 [f.no. 142/19/2012-so (tpl)]/so 2805(e), dated 29-11-2012, Rule 11UA has been amended to provide, in respect of unquoted shares, a revised method of determining the FMV and to give the assessee the choice of valuing the shares as per the Discounted Free Cash Flow method
Procedure For Adjustment Of Refunds: CBDT Directive To CPC/ CITs
With a view to mitigate the problem raised due to mismatch of tax and TDS credits, the Income-tax Department has issued an Instruction letter dated 27.11.2012 which contains a step by step procedure for adjustment of refunds to be followed by the AOs and the Centralized Processing Center
CBDT’s Posting Policy + Transfers & Postings of Addl/Joint/Dy/Asst CITs
Vide Notification dated 30.11.2012, the CBDT has set out the posting policy for posting of officers in the Directorates of International Taxation & Transfer Pricing
Revised Guidelines For Disciplinary Proceedings Against Delinquent Govt. Servants
Instructions have been issued in the past for expeditious disposal of disciplinary proceedings against delinquent government servants. However, it has been observed that disciplinary proceedings are generally taking a long time which defeats the very purpose of initiating the said proceedings
Promotion & Transfers Of Chief Commissioners of Income-tax
Vide Order No. 214 dated 21.11.2012, the CBDT has promoted some officers in the grade of Commissioner to the grade of Chief Commissioner of Income-tax and also ordered the transfers & postings of the CCITs
Transfers of Hon’ble ITAT Members (November 2012)
Vide orders dated 15.11.2012 passed in pursuance of the consultations of the collegiums of the Income Tax Appellate Tribunal, consisting of the President and two senior-most Vice Presidents, the following decisions have been taken with regard to transfers: (i) Shri. …
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Transfer Of Hon’ble Vice President Of The Tribunal (November 2012)
Vide Order dated 7.11.2012 it has been directed that Shri. G. E. Veerabhadrappa, Vice President, Mumbai, (on long leave) is transferred in the same capacity as Vice President, Kolkota Zone in public interest. He shall take charge at Kolkota upon expiry of his leave period
Constitution Of The Bombay High Court’s Tax Bench w.e.f. 19.11.2012
Constitution Of The Bombay High Court’s Tax Bench w.e.f. 19.11.2012
List Of Potential Promotees To The Post Of Commissioner Of Income-tax
The CBDT has vide letter dated 2.11.2012 released a list of officers who are being considered for promotion to the grade of Commissioner of Income-tax on regular basis for the vacancy in the year 2012-2013
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