Vide letter dated 3.09.2012 addressed to Chief Commissioners and Director Generals of Income-tax, the CBDT has stated that the issue of demand management continues to remain an area of grave concern and that in most of the cases demand uploaded is incorrect and incomplete. It is stated that such demands have been uploaded by AOs without due diligence and verification and that adjustment of such demands against refunds is leading to public grievances. The CBDT has directed that it is imperative to correct the demand data base and quickly rectify cases, where wrong adjustments have taken place and that all arrears demand grievances should be resolved within 30 days.
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Supreme Court rules on taxability of stock-in-trade realized pursuant to amalgamation
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