Saturday, 13 May 2017

New ITAT rules propose ‘digitisation’ in appeal-filing / hearing, prescribe 90-days for order passing

Draft new ITAT rules propose that no orders shall be passed by ITAT after expiry of 90 days from the date of conclusion of hearing, further state that every  endeavour  shall  be  made  by  the  Bench  to pronounce the order within 60 days; Draft rules propose e-filing of appeals, provide option to assessee of hearing the appeal through video conference; Also propose mandatory listing of stay applications on Fridays, as long as they are filed on or before Wednesdays; Draft rules empower ITAT to award costs for adjournments, also provide that the hearing shall not ordinarily be adjourned beyond 5 occasions, except in cases where ITAT deems it appropriate to grant adjournment thereafter; New rules also permit ITAT to admit Expert’s depositions as additional evidence 

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Share sale by Passive Shareholder taxable as Long-Term Capital Gains and not Business Income irrespective of non-compete clause in the SPA

  As per Income Tax Laws, any sum received or receivable in cash or kind under an agreement for not carrying business or profession is treat...