After extensive hearing spread over several days, the Bombay High Court today (4.8.2010) reserved judgement in Godrej & Boyce vs. DCIT, the lead matter challenging the judgement of the Special Bench of the Tribunal in ITO vs. Daga Capital & the applicability of Rule 8D.
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Abolition of “L1” Bench in ITAT
The Hon’ble President Shri. R. V. Easwar has passed the following order dated 5th July 2010: Sub: Appeals pending before L1 Bench, ITAT., Mumbai – reg. In supersession of all earlier orders on the above subject, all the appeals pending …
Broker’s Bad Debts Allowable U/s 36(1)(vii)
In Shreyas S. Morakhia the Special Bench has answered the question whether a share broker is entitled to deduction of bad debts u/s 36(1)(vii) r.w.s. 36(2) in favour of the assessee.
Transfers of Commissioners of Income-tax (July 2010)
The following Order No. 81 of 2010 dated 9th July 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
Dividend-Stripping Law upheld by Supreme Court
In Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ITR 421 (Bom)) held that the ‘loss’ incurred by an assessee in ‘dividend-stripping’ transactions cannot be disallowed on the ground that it was ‘tax-planning’. The department’s SLP against the said judgement has been dismissed by the Supreme Court today, 6th July 2010.
Special Bench judgement in Topman Exports reversed
In Topman Exports vs. ITO 318 ITR 87 (Mum)(SB)(AT) the Special Bench held that for purposes of s. 80HHC only the “profit” on sale of DEPB entitlements (i.e. the sale value less the face value) was required to be considered. In an appeal by the department, this judgement has been reversed by the Bombay High today, 29th June 2010.
Hon’ble Justice F. I. Rebello appointed Chief Justice of the Allahabad High Court
Hon’ble Justice Ferdinho I. Rebello of the Bombay High Court has been appointed Chief Justice of the Allahabad High Court.
The Direct Tax Code Revised Discussion Paper 2010
Download The Direct Tax Code Revised Discussion Paper 2010
Hon’ble Shri. R. V. Easwar appointed officiating President of ITAT
Hon’ble Shri. R. V. Easwar has been appointed the officiating President of the Income Tax Appellate Tribunal and has assumed charge at Mumbai on June 4, 2010.
Retirement of Hon’ble President of ITAT
Hon’ble Shri. Vimal Gandhi, President of the Tribunal retired today, 3rd June 2010. Shri. Gandhi practiced as an Advocate from 1970 to 1985 and joined the Tribunal as a Judicial Member on 16.9.1985. He served as Vice President from 6.8.1997 to 30.10.2003 and was appointed President on 31.10.2003. He served as President for six years and seven months. When Mr. Gandhi was appointed President, the pendency of matters in the Tribunal was 180,666 and this has been brought down to 47,000 as on 1.4.2010. Mr. Gandhi started the system of refresher course for the Members of the ITAT. He was also instrumental in allotting the library premises to the Bar Association, Mumbai. Mr. Gandhi represented the Tribunal at national and international seminars of repute including at the United Nations where he made a presentation of successful practices at the ITAT. He also formulated broad guidelines on how judgements should be written for the benefit of Members.
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