The CBDT has addressed a letter dated 25.10.2012 to the Chief Commissioners of Income-tax in which it has expressed “serious concern” over the “mounting pendency of appeals before CIT(A) and huge amounts disputed therein“. It has been pointed out that the average disposal per CIT(A) in FY 2011-12 was only 312 appeals

The Income-tax Department is conducting a “Vigilance Awareness Week” from 29.10.2012 to 3.11.2012 in order to “sensitize its officials to the need for improving quality of public service rendered and mitigating the potential area of corruption“. An interactive session will be held on 2.11.2012 at 3.00 pm to understand the “potential areas of corruption” and how to mitigate them. The ITAT Bar Association has been requested to depute its representatives to participate in the said interactive session

We are pleased to announce that eminent senior advocate Shri Ashwani Kumar has been appointed the Law Minister of India. Shri. Ashwani Kumar is well versed with income-tax matters and has appeared in several landmark matters such as Topman Exports vs. CIT 247 CTR (SC) 353 & Vikas Kalra vs. CIT 247 CTR (SC) 382 (DEPB & s. 80HHC). He has also been a member of the consultative committee for the Ministry of Finance and is well aware of the problems facing income-tax assessees

Pursuant to s. 145 (1) of the Income-tax Act, 1961 which provides that “Profits and gains of business or profession” & “Income from other sources” shall be computed in accordance with Accounting Standards notified by the Central Government, the CBDT had set up a high-powered committee to draft the Accounting Standards. The Committee has prepared the said “Tax Accounting Standards” and invited comments from all professionals by 26.11.2012

Vide Order No. 194 of 2012 dated 18.10.2012 the CBDT has ordered the transfers/ postings of officers in the grade of Additional/ Joint Commissioner of Income-tax with immediate effect

Vide Order No. 193 of 2012 dated 17.10.2012, the CBDT has ordered that several IRS officers in the grade of ACITs be promoted to the grade of DCITs

Report of the Expert Committee on Retrospective Amendments made by the Finance Act, 2012 to Income-Tax Act, 1961 Relating to Taxation of Non- Residents on Indirect Transfer; Comments and Suggestions on the Draft Report to be submitted by 19th October, 2012

Vide Order No. 186 dated 04.10.2012 the CBDT has ordered the transfers & postings of several officers in the grade of Commissioners/ Directors of Income-tax with immediate effect

The Cabinet has issued a Press Release dated 04.10.2012 setting out all the amendments to the Companies Bill, 2011 which have been approved

S. 90 (4) of the Act, as inserted by the Finance Act 2013 w.e.f 1.4.2012 provides that an assessee, not being a resident, to whom an agreement referred to in sub-section (1) of s. 90 applies, shall not be entitled to claim any relief under a Double Taxation Avoidance Agreement unless a certificate, containing such particulars as may be prescribed, of his being a resident in any country outside India or specified territory outside India, as the case may be, is obtained by him from the Government of that country or specified territory. A similar provision has been inserted in sub-section (4) of s. 90A of the Act. Pursuant therto, the CBDT has issued Notification dated 17.09.2012 to insert Rule 21BA and Forms 10FA and 10FB specifying the manner in which the aforesaid Certificate of Tax Residency should be obtained