« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  There is an urgent need to converge accounting standards... Company deposits, PO savings may require flashing PAN... » FinMin move to curb tribunal`s powers flayed March, 24th 2008 The finance ministrys move to curtail the powers of the Income Tax Appellate Tribunal on the matter of granting stay orders on appeals beyond 365 days, has drawn flak from the Institute of Chartered Accountants of India (ICAI).    To override the interpretation of courts, the Finance Bill, 2008, proposes to amend Section 254 of the Income Tax Act, 1961, to clearly say that the total stay order by a Tribunal cannot exceed 365 days even if the delay in disposing of the appeal is not attributable to the assessee.    The move follows a ruling of the Bombay High Court in the case of Narang Overseas (P) Ltd versus ITAT, where it ruled that the Tribunal has the power to extend the 365-day period on good cause being shown and on it being satisfied that the matter could not be heard for reasons not attributable to the taxpayer.    Once the duration of 365 days is over, the assessee will have to make the tax payment. This is a move to recover the demand and is unfair to the taxpayer, ICAI President Ved Jain said. The proposed amendment will come into effect from October 1, 2008.    As experts who represent tax payers in these Tribunals, we feel that this provision is inequitable. There are cases where stay has been granted, but the hearing has not taken place not because of assessees but due to some other reasons, Jain added.    The Tribunal is an authority created under law and grants stay not because the assessee is favorable to him, but because there are facts that deserve consideration for a stay order. Therefore, Tribunals should be allowed to grant stay for a period according to the need of the case, Jain said.