Sitting list and assignment of Judicial Work on the Original side of the Bombay High Court on and from Monday, the 15th November 2010
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Book Release: “151 Frequently Asked Questions On Survey”
Book Release: “151 Frequently Asked Questions On Survey”
Instruction No. 03/2010 dated 23-3-2010: Tax Implications Of Forward Foreign Exchange Contracts
Foreign Exchange derivative transactions entered into by the corporate sector in India have witnessed a substantial growth in recent years. This combined with extreme volatility in the foreign exchange market in the last financial year is reported to have resulted in substantial losses to an assessee on account of trading in forex-derivatives. A large number of assesses are said to be reporting such losses on ‘marked to market’ basis either suo motu or in compliance of the Accounting Standard or advisory circular issued by the Institute of Chartered Accountants. The issue whether such losses on account of forex-derivatives can be allowed against the taxable income of an assessee has been considered by the Board. In this connection, I am directed to say that the Assessing Officers may follow the guidelines given below
Filing SLPs: Dept Takes Stern View & Pins Responsibility on CIT To Avoid Delay
Pursuant to the public criticism of the Finance Minister at the mindless litigation undertaken by the department causing loss of crores of rupees to the nation (see Fret Not, Mr. FM, About Appeal-Filing Mania & Grasim superseded .. but whither accountability?), the CBEC issued a Circular to streamline the processing of departmental litigation before the Courts and Tribunal. The Directorate General of Income Tax (Legal & Research) has now issued a directive to regulate the filing of Special Leave Petition (SLPs) before the Supreme Court
Transfer of Hon’ble Members (Oct 2010)
In pursuance of the consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Tribunal are hereby transferred in public interest, in the same capacity, to the Bench/es of the Income Tax Appellate Tribunal as shown against their names with effect from the afternoon of 25th October, 2010
ITAT Special Bench cannot hear sub-judice matters – Tivoli Reference Withdrawn
I agree with the point made by the Members that it is not proper to continue with the Special Bench when the same issue is pending adjudication for the earlier years before the Hon’ble Bombay High Court. I am of the humble opinion that such continuance will not be in conformity with judicial discipline, propriety and decorum. The appropriate course will be to disband the Special Bench and allow the regular Bench to decide the issues in accordance with law
Circular: Streamlining Departmental Litigation
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Posted in All Information, Dept. Representatives, ITAT related, Pendency, Supreme Court/High Court related
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To address the scathing criticism of the Finance Minister about the mindless litigation undertaken by the Department, the CBEC has issued detailed instructions to streamline the filing of appeals by the department. The CBEC has directed the officers to scrupulously follow the instructions contained in the circular and threatened that deviations would be viewed seriously.
Transfers of Commissioners / Directors of Income-tax (Sept 2010)
The following Order No. 123 of 2010 dated 21st September 2010 has been issued by the Central Board of Direct Taxes to direct transfers / postings of officers in the grade of Commissioner of Income-tax & Director of Income-tax
S. 80HHC vs. 115JB Ajanta Pharma Reversed By Supreme Court
In CIT vs. Ajanta Pharma 318 ITR 252 the Bombay High Court held (reversing the Special Bench judgement in DCIT vs. Syncome Formulations 292 ITR (AT) 144)) that the “sunset clause” of s. 80HHC (1B) applies to s. 115JB as well. This judgement has been reversed by the Supreme Court today (9.9.2010). It has been held that MAT companies are not subject to the limitations of s. 80HHC (1B)
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