FROM THE PRESIDENT

Dear Members,

As it is said, it is always better late than never. The movement, rather, the crusade, that was started more than a decade back has finally seen fruits of its efforts. After much anxious moments (rather, months), finally, the Right to Information Act, 2005 is passed by Lok Sabha on 11-5-2005 and by the Rajya Sabha on 12-5-2005. Though the Act, in its new avatar, is being publicized as improvement over its predecessor enactment, the Freedom of Information Act, in some areas it has been diluted. Be it may be, and nonetheless, it is definitely a step in right direction. The experience of the nine states that have already introduced and implemented Right to Information laws at the State level, including Maharashtra, has been mixed and lukewarm. However, this in no way dilutes the importance of this historic event for the citizens of this democratic country; specially where, to a fairly large extent, the typical bureaucratic mindset and attitude still rules the Government and Semi Government departments and offices. Only the time will tell how this Act is being implemented to letter and, most importantly, in its spirit. Till then, let us be at least optimistic.

A Tax Practitioner, be a C.A. or an Advocate or an ITP, is required to have at least basic knowledge of law and procedure concerning the Income Tax Appellate Tribunal. Being the final fact finding body, against whose decision the only course open is to file appeal before the High Court under section 260A of the Act, that too, only on substantial question of law, the importance of having such basic knowledge can hardly be overemphasized, whether you are the litigant or the tax advisor of the litigant or the authorized representative of the litigant. Keeping in view this, the Chamber has organised, jointly with the Bombay Chartered Accountants’ Society, a two days Orientation Course for Appellate Practice in which all the areas touching the law and practice concerning the Tribunal are going to be discussed exhaustively. Since the enrolment is limited to only 100 participants in order to have better interaction, the interested members are requested to enroll as early as possible.

Indirect Taxes & Other Laws Committee has organised a series of workshops jointly with BCAS on various subjects relating to immovable property. Members can avail the benefit of this workshop.

The renewal of Annual Membership of the Chamber has already fallen due on 1st April, 2005. Small number of members have still not renewed their membership. I request them to kindly renew their membership at earliest.

This issue covers special story on provisions relating to Filing of Returns for Assessment Year 2005-06. I take this opportunity to thank each and every author of articles for sparing their valuable time and sharing their views on the subject.

Permit me to share here a proverb on "LIFE".

LIFE IS A SERIES OF

ACCEPTANCE AND REJECTIONS,

ATTACHMENTS AND DETACHMENTS,

JOYS & GRIEFS,

BENEFITS & LOSSES.