The Government had constituted an Expert Committee on General Anti Avoidance Rules (GAAR) to undertake stakeholder consultations and finalise the GAAR guidelines as well as a roadmap for implementation. The Committee, chaired by Dr. Parthasarathi Shome, has submitted its draft report after analysis of the GAAR provisions and noting the concerns
expressed by various shareholders. The draft report has recommended certain amendments in the Income-tax Act, 1961; guidelines to be prescribed under the Income-tax Rules, 1962; circular to clarify GAAR provisions along with illustrations; and other measures to improve tax administration specifically oriented towards GAAR matters
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Press Release On The Report Of The Expert Committee On GAAR
Download Report Of The Expert Committee On General Anti Avoidance Rules (GAAR)
The Report of the Expert Committee on General Anti Avoidance Rules (GAAR) in Income-tax Act, 1961 has been released today (1st September 2012)
Change In The Office Of The Hon’ble President Of The ITAT
Hon’ble Shri. H. L. Karwa has been appointed President of the Tribunal in place of Hon’ble Shri. G. E. Veerabhadrappa, who was the officiating President
Press Release Explaining “Advance Price Agreement (APA) Scheme”
The Ministry of Finance has notified an “Advance Pricing Agreement Scheme” (Rules 10F to 10T of Income Tax Rules, 1962) vide notification No. 36/2012 dated 30-8-2012. The Finance Act, 2012 had inserted sections 92CC and 92CD in the Income Tax Act 1961 introducing the provisions of Advance Pricing Agreement (APA). The APA Scheme shall come into effect from the date of its publication in the Official Gazette, i.e. from 30.08.2012
CBDT Releases Transfer Pricing “Advance Pricing Agreement Scheme” (“APA”)
Vide Notification No. 36 of 2012 dated 30.08.2012, the CBDT has inserted Rules 10F to 10T to introduce the “Advance Pricing Agreement Scheme”.
Transfers of Hon’ble ITAT Members (August 2012)
Vide order 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, Dr O K Narayanan, Vice Preaident, ITAT, Chennai Zone, Chennai is transferred to ITAT, Kolkata Zone, Kolkata w.e.f. 10 Sep 2012 and Shri Hari Om Maratha, JM, ITAT, Jabalpur is transferred to ITAT, Jodhpur w.e.f. 03 Sep 2012
CBDT Sets Up Committee To Form “Departmental View on Contentious Legal Issues”
Vide Office Memorandum dated 28.08.2012, the CBDT has set up an elaborate “Institutional Mechanism for Forming Departmental View on Contentious Legal Issues”
CCIT Will Be Held Personally Responsible For Transfer Order Violation: CBDT
The CBDT has issued a letter dated 27.08.2012 stating that there has been non-compliance and violation of the CBDT’s order in respect of posting of officers on promotion to the grade to JCIT. The CBDT has taken a stern view and threatened that the concerned officer who issued the order and the CCIT (CCA) concerned would be held personally liable
CBDT Spells Out Responsibilities Of Chief & Members
Vide Order No. 170 of 2012 dated 27.08.2012 the CBDT has ordered the distribution of work amongst the Chairman and the Members of the CBDT
CPC To Conduct Workshop To Reconcile/ Rectify Arrear Demands
The CIT, CPC, has informed vide letter dated 21.08.2012 that an amount of Rs. 4800 crores has been collected in respect of disputed demands by way of adjustment of refunds and that there is a need to rectify/ reconcile the …
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