The Ministry of Finance has released a report issued by a Committee headed by the Chairman, CBDT, titled “Measures to Tackle Black Money in India and Abroad”.

Vide Order No. 163 of 2012 dated 14.08.2012 the CBDT has stated that the President has appointed several officers of the Indian Revenue Service to the grade of Joint Commissioner of Income-tax on an ad hoc basis

Dr. Justice D. Y. Chandrachud, Senior Judge of Bombay High Court inaugurated the ITAT Members Residential Training Programme on International Taxation and Transfer Pricing held at Maharashtra Judicial Academy, Uttan

The Ministry of Finance has issued a press release dated 10.08.2012 setting out in detail the steps taken by the Government & the CBDT to unearth and curb black money

Vide letter dated 09.08.2012, the CBDT has released a list of officers of the rank of Commissioners of Income-tax who have been selected for an “Advanced Mid Career Training Programme” which is to be conducted at the IIM, Bangalore and the Syracuse University, USA

The Department of Revenue, Ministry of Revenue has issued a report setting out the measures taken by it to tackle black money in the Indian economy

The Finance Ministry has issued the following Press Release dated 06.08.2012 in which it was stated that with a view to ensuring “Clarity in tax laws, a stable tax regime, a non-adversarial tax administration” etc, corrective measures would be taken to reassure investors. It was specifically stated that there had been “directed a review of tax provisions that have a retrospective effect in order to find fair and reasonable solutions to pending as well as likely disputes between the Tax Departments and the Assessees concerned“

Vide order No. 152 of 2012 dated 5.08.2012, the CBDT has posted and transferred several newly appointed Assistant Commissioners of Income-tax

The Direct Taxes Committee of ICAI has raised the difficulty of processing of returns at the Central Processing Centre (CPC). Pursuant thereto and to enable taxpayers to e-file the income-tax returns easily, the CPC has provided the following three documents (i) FAQ’s on CPC and E-filing, (ii) FAQ’s relating to Refund & Demand: No refund No demand & (iii) Data Inconsistency issues which need to be avoided for accurate processing. If taxpayers pay attention to the issues set out in the FAQs, they will be able to ensure that their ROIs get processed properly at the CPC

Thus, the claim of any expense incurred in providing above mentioned or similar freebees in violation of the provisions of Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002 shall be inadmissible under section 37(1) of the Income Tax Act being an expense prohibited by the law. This disallowance shall be made in the hands of such pharmaceutical or allied health sector Industries or other assessee which has provided aforesaid freebees and claimed it as a deductible expense in its accounts against income