The Directorate of Income-tax (Systems) has issued an important directive dated 12.09.2019 on the subject of functionality for processing of returns having refund claims which were not processed within the time allowed u/s 143(1) due to some technical or other reasons
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Prosecution Of Offenses: CBDT Fulfils PM’s Promise & Spares Petty Offenders From Prosecution
The CBDT has vide Circular No. 24/2019 dated 09.09.2019 specified the procedure for identification and processing of cases for prosecution under Direct Tax Laws. The CBDT has specified detailed criteria to ensure that only deserving cases get prosecuted. The objective is to ensure that while habitual defaulters are not spared, casual offenders where the amounts involved is less than Rs. 25 lakh are not harassed
CBDT Circular Relaxes Time Limit For Filing Applications U/s 279 For Compounding Of Offenses
The CBDT has vide Circular No. 25/2019 dated 09.09.2019 relaxed, as a one-time measure, the time limit for filing compounding applications. The relaxation has been granted with a view to mitigate unintended hardship to taxpayers in deserving cases and to reduce the pendency of existing prosecution cases before the courts
ITAT President Receives Award For Systematic Reforms & Infrastructure In Judiciary & ITAT
We are pleased to state that Honourable Mr. Justice Pradeep P. Bhatt, President of the ITAT, was honoured on 1-9-2019 in recognition of his Systematic Reforms & Infrastructure in Judiciary & ITAT. Mr. Justice Pradeep P. Bhatt has been conferred with the Justice P. N. Bhatwati Award by his Excellency Mr. Biswabhusan Harichandran, Honourable Governor of Andhra Pradesh in the distinguished presence of Mr. Justice A. K. Patnaik, former Judge of Supreme Court of India, Mr. N. Ravi Chairman, Press Trust of India. It is an honour to this Institution
Hon’ble Shri Pramod Kumar, Vice-President, ITAT, takes charge as Vice-President ITAT Mumbai
It is for the first time in the history of the ITAT where a function was held in the presence of the Members of the ITAT, members of the Bar and the Departmental Representatives. Honourable Vice-President, Shri Pramod Kumar assumed the Charge in the presence of Honourable President Mr. Justice Pradeep P. Bhatt, Honourable Vice-President G. S. Pannu, honourable members on behalf of the ITAT Bar Association, Mr. Hiro Rai, President, Dr. K. Shivaram, Sr. advocate, past president, Mr. Subash S. Shetty, Past President and Senior departmental representatives were also invited on the occasion of Shri Pramod Kumar assuming charge as Vice-President
CBDT Excludes Bogus Penny Stocks Scam Cases From Benefit Of Low-Tax Effect Circular
The CBDT has vide Circular No. 23 of 2019 dated 6th September 2019 stated that cases where organised tax-evasion scam is noticed through bogus Long-Term Capital Gain (LTCG)/Short Term Capital Loss (STCL) on penny stocks will be excluded from the benefit of the enhanced monetary limits stipulated in Circular no. 17 of 2019 dated 08.08.2019. The CBDT may by way of special order direct filing of appeal on merit in cases involved in organised tax evasion activity
CBDT Issues Guidelines For Manual Selection Of Returns For Complete Scrutiny During FY 2019-20
The CBDT has vide directive dated 5th September, 2019 specified the guidelines for manual selection of returns for Complete Scrutiny during the financial-year 2019-20
CBDT Modifies System For Approval Of Applications U/s 197 For Low TDS U/s 195
The CBDT has vide Office Memorandum dated 2nd September, 2019 specified a modification in the new system of approval in respect of application under section 197 of Income Tax Act
Transfers Of ITAT Vice Presidents (Sept 2019)
Pursuant to an order dated 20th August, 2019 passed by Justice P P Bhatt, the Hon’ble President of the ITAT, the transfers of two Hon’ble Vice Presidents have been ordered w.e.f. 2nd September, 2019
CBDT Consolidated Circular Clarifies Law On Assessment Of Startups U/s 56(2)(viib) Of Income-tax Act & Recovery Of Demand
The CBDT has issued Circular No. 22/2019 dated 30th August, 2019 by which it has provided clarity on several aspects relating to the assessment of startups under section 56(2)(viib) of the Income-tax Act, 1961 and the recovery of demand therefrom. The Circular is said to be a consolidated one and is intended to provide a hassle-free tax environment to the Startups as promised by the Hon’ble Finance Minister
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