The CBDT has released “Draft Income Computation and Disclosure Standards on Real Estate Transactions” prepared by the Committee constituted by the Finance Minister. The draft ICDS is based on the Guidance Note issued on Real Estate Transactions issued by Institute of Chartered Accountants of India (ICAI). For the purposes of providing uniformity and certainty and harmonising the same with provisions of the Act, the committee suggested certain changes in draft ICDS. The CBDT has requested stakeholders to offer comments on the draft ICDS
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Get Ready For Digital & Paperless Courts
The first step towards ushering in digital and paperless courts has been taken by way of the inauguration of the Supreme Court’s Paperless, Digital Management System. The new system, aimed at serving as a digital repository for case-related information, can be accessed at www.sci.gov.in. The system is the first step to ending the age-old practice of filing voluminous case records. The Supreme Court will collect all records electronically from lower courts and high Courts. This will dispense with the requirement to file printed copies in the Supreme Court.
IRS Officer Demands Bribe Of Rs. 15 Crore – Busted!
Yet another senior IRS officer has fallen into the clutches of the CBI. He demanded a bribe of Rs. 15 crore and was caught red-handed accepting the first installment of Rs. 1.25 crore
Bombay High Court’s Tax Bench Constitution w.e.f 05.06.2017
The Constitution of the Bombay High Court’s Tax Bench w.e.f 05.06.2017 is as follows
Appointment Of ITAT Members For Only Five Years Will Undermine The Independence Of The ITAT: AIFTP
The All India Federation of Tax Practitioners (AIFTP), an apex body of tax practitioners, has addressed a detailed representation to Shri Arun Jaitley, the Union Finance Minister, pointing out that section 184 of the Finance Act 2017, which mandates the appointment of Members of the ITAT for a short tenure of only five years, will undermine the independence of the institution and lead to disastrous consequences. The AIFTP has warned that the whole purpose of setting up the ITAT as an independent and fearless judicial body will be frustrated and taxpayers will lose confidence in the institution. It has urged the Hon’ble Finance Minister to rescind the said provision and retain the existing provision for appointment of ITAT Members
New ITAT Vice-President Gets Warm Welcome From ITAT Bar Association
In order to felicitate Hon’ble Shri P. K. Bansal, Vice-President of the ITAT, a function was organized by the ITAT Bar Association on 5th May 2017. The function was attended by several distinguished members of the Bench and the Bar. The Hon’ble Vice-President assured the gathering that the Tribunal will continue to deliver on the promise of ‘Sulabh Nyay, Satwar Nyay’ (Easy justice, quick justice). He also assured that the grievances, if any, of the members of the Bar with regard to the functioning of the ITAT will be addressed and resolved speedily. A few pictures taken on the occasion are embedded below
Change In Postings Of Vice-Presidents Of The ITAT
Pursuant to orders dated 13th April 2017 passed by Hon’ble Shri. G. D. Agarwal, President of the ITAT, Hon’ble Shri. P. K. Bansal, Vice-President, has been posted as Vice-President of the Mumbai Zone and Hon’ble Shri. Ravindra Singh Syal, Vice-President, has been posted as Vice-President of the Lucknow Zone (headquarters at Delhi). Both postings are with effect from 13.04.2017 and until further orders.
GST, GAAR & POEM Are Terrible For The Indian Economy: Arvind Datar
Eminent jurist Arvind Datar has delivered a talk in which he has severely criticized the introduction of Goods & Service Tax Act (GST), GAAR and POEM. He has argued that these legislative measures will cause enormous hardships to the taxpayers and will make India a less attractive destination for foreign investors. He has given cogent reasons in support of his propositions
CIT(A), CA And MD Of Essar Group Held By CBI For Bribe Of Rs. 2 Crore
In a shocking incident, an IRS officer who is presently serving as a CIT(A), a Chartered Accountants and senior officials have been arrested by the CBI on allegations of demanding, and accepting, a bribe for passing favourable orders
Transfers Of Hon’ble Members Of The ITAT (May 2017)
Vide order dated 25th April 2017 passed by the Hon’ble President pursuant to the consultations with the Collegium of Income Tax Appellate Tribunal consisting of the President and two senior most Vice Presidents, the following Members of the ITAT have been transferred in the same capacity to the respective Benches, in public interest, with effect from 5th May 2017
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