Daily digest for Gupta Chandan & Associates, on November 30, 2020

posted: "INCOME TAX : Where assessee-trust filed application in Form 10A under section 12AA on 11-3-2009 for granting registration and without pursuing same for 2 years filed another application on 28-6-2011 second application could not be considered as a letter i" New post on Gupta Chandan & Associates CIT was justified in granting registration from 2nd application as no steps were taken to dispose of 1st application INCOME TAX : Where assessee-trust filed application in Form 10A under section 12AA on 11-3-2009 for granting registration and without pursuing same for 2 years filed another application on 28-6-2011 second application could not be considered as a letter in continuation of earlier application; it was to be considered as a fresh application and registration […] Read more of this post November 30, 2020 at 12:00 am | Categories: Latest Case Laws, News | URL: https://wp.me/pcenIR-Ge Comment    See all comments Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/cit-was-justified-in-granting-registration-from-2nd-application-as-no-steps-were-taken-to-dispose-of-1st-application/

posted: "INCOME TAX : Where assessee, carrying on trading activities in stock and commodities, made provision for mark to market loss on trading in derivative and claimed loss as deductable business expenditure, even though loss was not finally crystallized as per" New post on Gupta Chandan & Associates Exp. attributable to exempt income to be added back for MAT computation without resorting to sec. 14A disallowances INCOME TAX : Where assessee, carrying on trading activities in stock and commodities, made provision for mark to market loss on trading in derivative and claimed loss as deductable business expenditure, even though loss was not finally crystallized as per prudent and regular system of accounting, loss had to be accounted for and, thus, same […] Read more of this post November 30, 2020 at 12:00 am | Categories: Latest Case Laws, News | URL: https://wp.me/pcenIR-Gd Comment    See all comments Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/exp-attributable-to-exempt-income-to-be-added-back-for-mat-computation-without-resorting-to-sec-14a-disallowances/

Daily digest for Gupta Chandan & Associates, on November 28, 2020

posted: "IRDAI has made amendment to IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015. Amendment has been made in respect of Application for, and Matters Relating to, Grant of Licence to Individual Surveyors and Loss Assessors. Application for Gran" New post on Gupta Chandan & Associates IRDAI amends norms relating to Insurance Surveyors and Loss Assessors IRDAI has made amendment to IRDAI (Insurance Surveyors and Loss Assessors) Regulations, 2015. Amendment has been made in respect of Application for, and Matters Relating to, Grant of Licence to Individual Surveyors and Loss Assessors. Application for Grant of Fresh Corporate Licence and Related Matters, Fee structure, Application for Grant of Renewal Licence (Individual / […] Read more of this post November 28, 2020 at 12:00 am | Categories: Latest Statutory Happenings, News | URL: https://wp.me/pcenIR-Ga Comment    See all comments Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/irdai-amends-norms-relating-to-insurance-surveyors-and-loss-assessors/

posted: "Recently the Mumbai Bench of the Hon'ble Income Tax Appellate Tribunal ('ITAT') in the case of Renu T Tharani v. Deputy Commissioner of Income Tax (117 taxmann.com 804), held Ms. Renu Tikamdas Tharani ('Assessee'), inter-alia, as the "beneficiary/ benefic" New post on Gupta Chandan & Associates Swiss Bank Accounts – Hazards of Non Signing Consent Waiver Insisted By Tax Authorities Draws Adverse Inference Recently the Mumbai Bench of the Hon'ble Income Tax Appellate Tribunal ('ITAT') in the case of Renu T Tharani v. Deputy Commissioner of Income Tax (117 taxmann.com 804), held Ms. Renu Tikamdas Tharani ('Assessee'), inter-alia, as the "beneficiary/ beneficial owner" of the foreign bank account in HSBC Private Bank (Suisse) SA, Geneva ('HSBC Bank, Geneva') […] Read more of this post November 28, 2020 at 12:00 am | Categories: News, Taxman Articles | URL: https://wp.me/pcenIR-G9 Comment    See all comments Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/swiss-bank-accounts-hazards-of-non-signing-consent-waiver-insisted-by-tax-authorities-draws-adverse-inference/

posted: "This article analyses the definition of 'person resident in India' u/s 2(v) of Foreign Exchange Management Act, 1999 as applicable to an individual in its correct legal context and in accordance with the principles of interpretation. This definition is qu" New post on Gupta Chandan & Associates Analysis of the definition of 'Person Resident in India' for an individual This article analyses the definition of 'person resident in India' u/s 2(v) of Foreign Exchange Management Act, 1999 as applicable to an individual in its correct legal context and in accordance with the principles of interpretation. This definition is quite complex and unique but at the same time it has generated a lot of debate […] Read more of this post November 28, 2020 at 12:00 am | Categories: News, Taxman Articles | URL: https://wp.me/pcenIR-G8 Comment    See all comments Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/analysis-of-the-definition-of-person-resident-in-india-for-an-individual/

posted: "INCOME TAX : Where bonds were issued under FCCB scheme and converted into shares, conversion price was to be determined on basis of price of shares at stock exchanges, namely, BSE or NSE and same was to be adopted as cost of acquisitionINCOME TAX : Where " New post on Gupta Chandan & Associates Cost of shares acquired on conversion of bonds to be determined on basis of price prevailing on BSE or NSE INCOME TAX : Where bonds were issued under FCCB scheme and converted into shares, conversion price was to be determined on basis of price of shares at stock exchanges, namely, BSE or NSE and same was to be adopted as cost of acquisitionINCOME TAX : Where bonds were issued under FCCB scheme and converted into […] Read more of this post November 28, 2020 at 12:00 am | Categories: Latest Case Laws, News | URL: https://wp.me/pcenIR-G7 Comment    See all comments Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/cost-of-shares-acquired-on-conversion-of-bonds-to-be-determined-on-basis-of-price-prevailing-on-bse-or-nse/

posted: "In order to streamline the process in case of public issue of debt securities and to add an addition to the current Application Supported by Blocked Amount ('ASBA') facility.In order to streamline the process in case of public issue of debt securities and" New post on Gupta Chandan & Associates SEBI revisits mode of bidding in public issue of debt securities In order to streamline the process in case of public issue of debt securities and to add an addition to the current Application Supported by Blocked Amount ('ASBA') facility.In order to streamline the process in case of public issue of debt securities and to add an addition to the current Application Supported by Blocked Amount […] Read more of this post November 28, 2020 at 12:00 am | Categories: News, Taxman Articles | URL: https://wp.me/pcenIR-G6 Comment    See all comments Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/sebi-revisits-mode-of-bidding-in-public-issue-of-debt-securities/

posted: "In relation to a company, let us understand as to who are the related parties. The Companies Act 2013 vide its sub-section (76) of section 2 read with rule 3 of Companies (Specifications of definitions details) Rules 2014 defines a related party.In relati" New post on Gupta Chandan & Associates Contract with related parties – approval requirements under the Companies Act 2013 – consequences for contravention In relation to a company, let us understand as to who are the related parties. The Companies Act 2013 vide its sub-section (76) of section 2 read with rule 3 of Companies (Specifications of definitions details) Rules 2014 defines a related party.In relation to a company, let us understand as to who are the related […] Read more of this post November 28, 2020 at 12:00 am | Categories: News, Taxman Articles | URL: https://wp.me/pcenIR-G5 Comment    See all comments Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/contract-with-related-parties-approval-requirements-under-the-companies-act-2013-consequences-for-contravention/

posted: "Income tax is a tax on income and hence essentially any sum sought to be taxed must be income in the rational sense.[ [1965] 56 ITR 198 (SC)] Broadly the head "Income from house property" covers income which can be reasonably expected to be earned from le" New post on Gupta Chandan & Associates Mesne profits – Are they taxable receipts? Income tax is a tax on income and hence essentially any sum sought to be taxed must be income in the rational sense.[ [1965] 56 ITR 198 (SC)] Broadly the head "Income from house property" covers income which can be reasonably expected to be earned from letting of the property or the rent received or […] Read more of this post November 28, 2020 at 12:00 am | Categories: News, Taxman Articles | URL: https://wp.me/pcenIR-G4 Comment    See all comments Unsubscribe to no longer receive posts from Gupta Chandan & Associates. Change your email settings at Manage Subscriptions. Trouble clicking? Copy and paste this URL into your browser: https://www.guptachandanassociates.com/news/mesne-profits-are-they-taxable-receipts/