The CBDT has issued Circular No. 4/2018 dated 14th August 2018 in which the law relating to computation of admissible deduction u/s 10A of the Income-tax Act, 1961 has been explained in the light of the judgement of the Supreme Court in CIT vs. HCL Technologies Ltd (2018) 404 ITR 719

The Tax Bar has mourned the untimely demise of eminent jurist Palkhivala. Leading tax lawyers have recollected his stellar contribution to the development of law and furthering the cause of justice

The CBDT has vide Office Orders Nos. 128 and 130 of 2018, dated 7th & 8th August 2018 respectively, ordered the transfers and postings (local changes) of several officers in the grade Joint, Additional, Assistant & Deputy Commissioners of Income-tax with immediate effect and until further orders

The Ministry of Finance has announced that due to intensive efforts undertaken by the Income-tax Department, provisional attachment has been made in more than 1600 cases of properties under the Benami Transactions (Prohibition) Act, 1988. The value of properties under attachment is more than Rs. 4,300 crore. Details are also given of the prosecution proceedings initiated by the Income-tax Department

ITAT Bar Association, Mumbai, and the All India Federation of Tax Practitioners have jointly published a Book titled “Income Tax Appellate Tribunal – A Fine Balance – Law, Practice, Procedure and Conventions – Frequently asked questions”, dedicated to Padmavibhushan Late Dr. N. A. Palkhivala, Sr. Advocate

The CBDT has issued an Office Memorandum dated 26th July 2018 in which it is stated that there are several instances where the time-limit of 30 days stipulated in the Citizens Charter for issue of TDS certificates have been breached and there is inordinate delay.

The CBDT has directed AOs that the aforesaid time-limit must be adhered to scrupulously. It is made clear that any delay without valid reasons will be viewed seriously and the CIT concerned will be held accountable

The CBDT has issued a directive to the PCsIT seeking details of the “least performing” CsIT(A). It is not specified as to what constitutes “least performing”. Presumably, the reference is to the number of appeals disposed of by the Ld CsIT(A) vis-à-vis the targets and achievement. Presumably, the defaulting CsIT(A) will be subject to disciplinary action

Hon’ble Sushil Chandra, the Chairman of the CBDT, has addressed a letter dated 24th July 2018, in which he has stated that the Income-tax department has transformed itself from an enforcement agency to a citizen-centric organisation, ready to adopt new technology and innovations in line with international best practices. He has pointed that the department has continued to focus on and expand its taxpayer services as it endeavours to provide “world class services to taxpayers“. He has called upon all officials to work with “the same zeal, integrity, competence and dedication” as they have done in the past and take the Department to “even greater heights of glory”