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ORDER NO. 194 OF 2012, Dated 18th October 2012 39399 The transfers/postings of officers in the grade of Additional/Joint Commissioner of Income Tax are hereby ordered with immediate effect and until further orders:
OECD has issued a report outlining areas that are critical to India’s long-term economic performance and social development: financial sector, competition, regulation, innovation, infrastructure, energy efficiency, green growth, poverty reduction, employment, education and health.
It is also a fact that the assessing officer initiated the recovery proceedings without passing any order on the stay application of the assessee. It is also a fact that the recovery proceedings under S. 220(6) were initiated without attending to or expressly rejecting the stay application filed by the assessee before the assessing officer. In our opinion, this approach is certainly not appreciated.
Vide Order No. 193 of 2012 dated 17.10.2012, the CBDT has ordered that several IRS officers in the grade of ACITs be promoted to the grade of DCITs
Notification No. F. 7/9/2008-NS.II (Vol. II)-Income Tax In pursuance of clause (b) of paragraph 2 of the Public Provident Fund Scheme, 1968 published under the Government of India, Ministry of Finance, Department of Economic Affair’s notification number G.S.R. 1136, dated the 15th June, 1968, the Central Government hereby authorises the following 186 additional branches of Allahabad Bank to receive, with immediate effect,
The statutory provision of section 92CA does provide for an approval by the Commissioner and the original record produced before this Court establishes that there was an approval by the Commissioner in the matter of reference to the Transfer Pricing Officer. In the instant case, the impugned order has been passed by (Additional Commissioner) an authority who is jurisdictionally competent to pass such an order and it can never be said that the order passed by him without jurisdiction.
Circular No. 9/2012 Representations have been received from various sections of the Industry on the difficulties faced in the matter of Tax Deduction at Source on Gas Transportation Charges paid by the purchasers of Natural gas to the sellers of gas.
The question as to whether the amount constituted the corpus fund of the assessee-trust, in view of the fact that the Commissioner (Appeals) after considering declaration from all the 60 donors of the corpus fund certifying that they have donated towards corpus fund of the assessee-society and the revenue has not raised any ground of appeal against the admission of these declarations produced by the assessee before the Commissioner (Appeals), the amount in question has to be held as constituting ‘Corpus Fund’ of the assessee-society and accordingly, the order of the Judicial Member on the issue is to be confirmed.
Mere crediting of the interest to a reserve cannot be said to be an incidence by which the said interest could be charged to tax. Whatever has been recovered by the assessee has been shown as income. Therefore, the assessee is entitled to claim of such interest under the provisions of section 43D and the claim of the assessee cannot be rejected simply on the ground that interest had been credited on such type of debts in the reserve account.
It is settled law that when an officer adopts one of the courses permissible in law and it has resulted in a loss of revenue or when two views are possible and the Assessing Officer takes one view with which the Commissioner does not agree, the order cannot be treated as erroneous in so far as it is prejudicial to the interests of the revenue.
