The Income-tax Department (see embedded order at bottom of post) has made an addition of Rs. 642 crore on New Delhi Television Ltd (NDTV) in respect of AY 2009-10. It is claimed that a sum of Rs. 624 crore (US$ 150M) was received by a subsidiary of NDTV for allotting shares to NBC Universal Inc and Universal Studios International BV. It is claimed that the shares were allotted at Rs. 7,015 each even though the allotting companies had no business activities. It is also claimed that there was no independent valuation conducted of the shares. It is also claimed that in the immediately succeeding AY 2010-11, NDTV BV bought the shares at Rs. 634 per share, creating a loss of Rs. 584 crore for USBV

The National Academy of Direct Taxes (NADT) has issued a Notification dated 1st August 2016 stating that at the request of Justice (Retd) Dev Darshan Sud, the President of the ITAT, a six days training program/ seminar will be organized for the Hon’ble Judicial and Accountant Members of the ITAT from 29th August 2016 till 3rd September 2016 at NADT, Nagpur

The CBDT has addressed a letter dated 2nd August 2016 in which it has stated that it is examining the desirability and expediency of prescribing the situation and circumstances under which the fee levied under section 234E of the Act may cause genuine hardship to the taxpayers so as to prescribe guidelines for waiver of such fees under section 119(2)(a) of the Act. The CBDT has directed the Principal Commissioners of Income-tax to forward suggestions and recommendations in this behalf

The Income Declaration Scheme, 2016 and the Direct Tax Dispute Resolution Scheme, 2016 are very important initiatives of the Government. These have created unprecedented interest amongst the taxpayers and tax professionals. However, several stake holders have complained that the numerous clarifications and press releases issued by the CBDT as well as the expert opinions and other resources are scattered at various places and that this is hindering effective compliance of both schemes. To aid our fellow professionals and tax payers, AIFTP has prepared a Guide in which all the resources are arranged in a systematic manner

Vide an order dated 29.07.2016 issued u/s 119 of the Income-tax Act, the CBDT has extended the due date for furnishing returns of income from 31st July 2016 to 5th August 2016. Vide another another order dated 29th July 2016, the CBDT has extended the due date for income-tax assessees in the State of Jammu & Kashmir to 31st August 2016

The CBDT has vide directive dated 22nd July 2016 prescribed the Standard Operating Procedure (SOP) to be followed by the field staff for handling AIR transactions without valid PAN. The CBDT has also vide letter dated 25th July 2016 revised the template of the letter to be addressed by the field officers while handling reported cases of AIR transactions

The CBDT has vide a series of orders directed the transfers and postings of several officers in the grade of principal Commissioner of Income-tax, Commissioner of Income-tax, Assistant and Deputy Commissioner of Income-tax. The CBDT has also notified that the President has promoted several Income Tax Officers to the grade of Assistant Commissioner of Income-tax

The CBDT has issued Instruction No. 5/2016 dated 14th July 2016 by which it has, in order to ensure that maximum objectivity is maintained in converting a case falling under ‘Limited Scrutiny’ into a ‘Complete Scrutiny’ case, issued guidleines which require the Assessing Officer to form a reasonable view that there is possibility of under assessment of income if the case is not examined under ‘Complete Scrutiny’. It is stated that the monetary limits and requirement of administrative approval from Pr. CIT/CIT/Pr. DIT/DIT, as prescribed in Para 3(d) of earlier Instruction dated 29.12.2015, shall continue to remain applicable

With a view to provide relief to small taxpayers, the CBDT has issued an Office Memorandum dated 14th July 2016 directing that refunds up to Rs. 5,000 as also refunds in cases where arrear demand is up to Rs. 5,000 in non-CASS cases, may be issued expeditiously without any adjustment of outstanding demand under Section 245 during the Financial Year 2016-17. The CBDT has directed the exercise to be completed and a compliance report be sent to the Board by 29th July, 2016

The Ministry of Finance has issued a press release by which it has stated that the time schedule for making payments under the Income Declaration Scheme 2016 have been revised