In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Commissioner of Income-tax (Central), Bhopal shall be subordinate to the Director General of Income-tax (Investigation), Bhopal.

SECTION 92C OF THE INCOME-TAX ACT, 1961, READ WITH RULE 10B OF THE INCOME-TAX RULES, 1962 – TRANSFER PRICING – COMPUTATION OF ARM’S LENGTH PRICE – APPLICATION OF PROFIT SPLIT METHOD CIRCULAR NO. 2/2013 [F. NO. 500/139/2012], DATED 26-3-2013 It has been brought to the notice of CBDT that clarification is needed for selection of [...]

It has been brought to the notice of CBDT that there is divergence of views amongst the field officers and taxpayers regarding the functional profile of development centres engaged in contract R&D services for the purposes of transfer pricing audit.

NOTIFICATION NO.26/2013[F.NO.187/18/2012 (ITA.I)], DATED 28-3-2013 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby :- (a)          directs that the Commissioner of Income-tax specified in column (2) of the Schedule below, having his headquarter at [...]

NOTIFICATION NO.25/2013[F.NO.187/18/2012 (ITA.I)], DATED 28-3-2013 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance (Department of Revenue), Central Board [...]

NOTIFICATION NO. 24/2013 [F.No. 187/18/2012 (ITA.I)], DATED 28-3-2013 In exercise of the powers conferred by section 118 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby directs that the Commissioner of Income-tax (Central), Bhopal shall be subordinate to the Director General of Income-tax (Investigation), Bhopal. 2. This notification shall [...]

Representations from field formations have been received intimating that owing to the delays in PAN Migration, PAN de-duplication and restoration, certain cases remain to be processed. However, AST does not permit these cases to be processed. Therefore, with the Board’s approval, the facility of Online TMS is extended for the cases time barring on 31-3-2013.

It is. therefore, requested that all the officers in your jurisdiction may be directed to seek information under DTAAs/TIEAs/Multilatcral Convention, as per guidelines provided in the Manual on Exchange of Information, for carrying out the necessary enquiries and for taking the investigation to its logical end.

NOTIFICATION NO. 23/2013 [F. NO. 178/60/2012-ITA-l], DATED 22-3-2013 In exercise of the powers conferred by item (h) of sub clause (iv) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes following further amendment to the notification of the Government of India, in the Ministry of [...]

As per Hon’ble Delhi High Court’s Order dated 14-3-2013, the Department requires to follow the procedure prescribed u/s 245 before making any adjustment of refund payable by the CFC, Bengaluru. Accordingly, the assessee must be given an opportunity to file response or reply and the reply will be considered and examined by the Assessing Officer before any direction for adjustment is made.