Excelsior Correspondent
Jammu, June 9: J&K Branch of Institute of Chartered Accountants of India organized a seminar on ‘Domestic Transfer Pricing & Issues relating to Capital Gains’ under the Income Tax Act 1961.
A.K Thathai, Commissioner of Income Tax, J&K and B.B Singh, Commissioner of Income Tax (Appeals), J&K were the chief guest and guest of Honour respectively on the occasion .
Dr. Girish Ahuja, eminent speaker, author and taxation expert from Delhi, was the guest faculty on the topics. He deliberated in detail about the taxation aspects relating to joint property development agreements between an assessee & builder, transfer of rural land, exemptions U/s 54 on sale of property both residential as well as commercial. As regards domestic transfer pricing between related parties for transactions exceeding Rs 5 crore, he deliberated upon the various methods that can be adopted for determining the arms length price.
A.K Thathai and B. B Singh also addressed the gathering. Thathai invited the CA fraternity to join hands with the department to prepare a paper on various debatable issues which can be forwarded to appropriate authorities for suitable amendment in the act so that assesses are saved from unnecessary litigations.
B. B Singh also shared the departmental view on the operational aspects of the topic. He laid stress on avoiding the infructuous appeals so that rightful appeals are disposed off in a timely manner.
CA. Vikram Garg , Chairman J&K Branch, delivered the inaugural address and emphasized on the importance of the topics of the seminar.
He highlighted the greater role of Chartered Accountants in discharging their advisory functions & also appreciated the role of department in early disposal of appeals.
On the occasion, S.K Sharma and Rakesh Kumar – Joint Commissioners of Income tax, were felicitated.
Mini Chandranu, (DCIT), B.B Gupta (ACIT), Amit Kumar, B.K Raina & Gaver Singh -(ITO’s) were also present on the occasion.
CA. Shalay Razdan, Secretary J&K Branch of ICAI, conducted the proceedings & CA. Anil Sharma (Treasurer), alongwith a large number of Chartered Accountants participated in the seminar.
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