Daily digest for Gupta Chandan & Associates, on February 27, 2021

posted: "Citibank, which was acting as Revlon's loan agent, was to transfer about USD 8 million in interest payments to the company's lenders. However, in August 2020, the Citibank had, mistakenly paid back the USD 900 million principal to the members of the lendi" New post on Gupta Chandan & Associates Transfer of Money by Mistake; Case Study of Recent Ruling in Citibank's Transfer of Funds by Mistake; Section 72 of Indian Contract Act,1872 Citibank, which was acting as Revlon's loan agent, was to transfer about USD 8 million in interest payments to the company's lenders. However, in August 2020, the Citibank had, mistakenly paid back the USD 900 million principal to the members of the lending consortium, rather than interest payments. Citi realized the error and demanded refund […] Read more of this post February 27, 2021 at 12:00 am | Categories: News, Taxman Articles | URL: https://wp.me/pcenIR-12X 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/transfer-of-money-by-mistake-case-study-of-recent-ruling-in-citibanks-transfer-of-funds-by-mistake-section-72-of-indian-contract-act1872/

posted: "INCOME TAX : Where certain assets of block of assets, not being immovable property of assessee, were sold during regular course of business, before it was wound up during relevant previous year, loss occurring on such sale at a figure less than written do" New post on Gupta Chandan & Associates Loss arising on sale of business assets at amount less than WDV to be treated as business loss u/s 41 INCOME TAX : Where certain assets of block of assets, not being immovable property of assessee, were sold during regular course of business, before it was wound up during relevant previous year, loss occurring on such sale at a figure less than written down value of assets should be treated as 'Business Loss' under section […] Read more of this post February 27, 2021 at 12:00 am | Categories: Latest Case Laws, News | URL: https://wp.me/pcenIR-12W 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/loss-arising-on-sale-of-business-assets-at-amount-less-than-wdv-to-be-treated-as-business-loss-u-s-41/

posted: "The Central Board of Direct Taxes (CBDT) has extended the last date to opt for and making payment without any additional charges under the Vivad se Vishwas Act, 2020 by one month. The last date for opting for the scheme is 31-03-2021 and the last date for" New post on Gupta Chandan & Associates Last date to opt for amp; making payment without additional charge under 'Vivad se Vishwas' extended by one month The Central Board of Direct Taxes (CBDT) has extended the last date to opt for and making payment without any additional charges under the Vivad se Vishwas Act, 2020 by one month. The last date for opting for the scheme is 31-03-2021 and the last date for making payment without additional charge is 30-04-2021.The Central […] Read more of this post February 27, 2021 at 12:00 am | Categories: Latest Statutory Happenings, News | URL: https://wp.me/pcenIR-12V 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/last-date-to-opt-for-amp-making-payment-without-additional-charge-under-vivad-se-vishwas-extended-by-one-month/

posted: "INCOME TAX : Where assessee-bank from outset had been treating Broken Period Interest income accrued from sale of government securities as its business income under section 28(i), Broken Period Interest paid by it was to be allowed as permissible deductio" New post on Gupta Chandan & Associates Broken period interest paid by bank on Govt. securities allowed as deduction if same was treated as income if earned INCOME TAX : Where assessee-bank from outset had been treating Broken Period Interest income accrued from sale of government securities as its business income under section 28(i), Broken Period Interest paid by it was to be allowed as permissible deductionINCOME TAX : Where assessee-bank from outset had been treating Broken Period Interest income accrued from […] Read more of this post February 27, 2021 at 12:00 am | Categories: Latest Case Laws, News | URL: https://wp.me/pcenIR-12U 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/broken-period-interest-paid-by-bank-on-govt-securities-allowed-as-deduction-if-same-was-treated-as-income-if-earned/

Daily digest for Gupta Chandan & Associates, on February 26, 2021

posted: "INCOME TAX : SLP dismissed against High Court ruling that recording of satisfaction by Assessing Officer that there was concealment of income or that any inaccurate particulars were furnished by assessee was sine qua non for initiation of penalty proceedi" New post on Gupta Chandan & Associates Initiation of penalty u/s 271(1)(c) pre-requisite recording of satisfaction by AO; SLP dismissed INCOME TAX : SLP dismissed against High Court ruling that recording of satisfaction by Assessing Officer that there was concealment of income or that any inaccurate particulars were furnished by assessee was sine qua non for initiation of penalty proceedings and in absence of such satisfaction, both Commissioner (Appeals) as well as Tribunal had correctly […] Read more of this post February 26, 2021 at 12:00 am | Categories: Latest Case Laws, News | URL: https://wp.me/pcenIR-12L 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/initiation-of-penalty-u-s-2711c-pre-requisite-recording-of-satisfaction-by-ao-slp-dismissed/

posted: "INCOME TAX : SLP dismissed against High Court ruling that reopening of assessment on basis of investigation conducted by Enforcement Directorate, without Assessing Officer making any independent inquiry himself to hold that assessee had paid bribe to Iraq" New post on Gupta Chandan & Associates Reassessment by placing mere reliance on investigation by Enforcement Directorate was unjustified; SLP dismissed INCOME TAX : SLP dismissed against High Court ruling that reopening of assessment on basis of investigation conducted by Enforcement Directorate, without Assessing Officer making any independent inquiry himself to hold that assessee had paid bribe to Iraqi officials and therefore same was required to be added to income of assessee was not justifiedINCOME TAX […] Read more of this post February 26, 2021 at 12:00 am | Categories: Latest Case Laws, News | URL: https://wp.me/pcenIR-12K 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/reassessment-by-placing-mere-reliance-on-investigation-by-enforcement-directorate-was-unjustified-slp-dismissed/

posted: "The Ministry of Electronic and Information Technology has notified the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 wherein provisions related to due diligence by intermediaries and grievance redressal mechani" New post on Gupta Chandan & Associates Govt. notifies new code of ethics for social media channels and OTT platforms under IT Rules, 2021 The Ministry of Electronic and Information Technology has notified the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021 wherein provisions related to due diligence by intermediaries and grievance redressal mechanism, code of ethics and procedure and safeguards in relation to Digital media, grievance redressal mechanism, oversight mechanism, furnishing of information have been […] Read more of this post February 26, 2021 at 12:00 am | Categories: Latest Statutory Happenings, News | URL: https://wp.me/pcenIR-12J 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/govt-notifies-new-code-of-ethics-for-social-media-channels-and-ott-platforms-under-it-rules-2021/

posted: "The IRDAI has issued guidelines on Standard Personal Accident Insurance Product. With the objective of having a standard product with common coverage and policy wordings across the industry, the Authority has decided to mandate all general and health insu" New post on Gupta Chandan & Associates IRDAI's guidelines on Standard Personal Accident Insurance Product The IRDAI has issued guidelines on Standard Personal Accident Insurance Product. With the objective of having a standard product with common coverage and policy wordings across the industry, the Authority has decided to mandate all general and health insurers to offer the standard personal accident insurance product. AS a result, Guidelines on Standard Personal Accident […] Read more of this post February 26, 2021 at 12:00 am | Categories: Latest Statutory Happenings, News | URL: https://wp.me/pcenIR-12I 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/irdais-guidelines-on-standard-personal-accident-insurance-product/

posted: "INCOME-TAX : When there is an issue of bonus shares, money remains with company and nothing comes to shareholders as there is no transfer of property, and thus, provisions of section 56(2)(vii)(c) are not attractedINCOME-TAX : When there is an issue of bo" New post on Gupta Chandan & Associates Deeming provisions prescribed u/s 56(2)(vii) couldn't be applied on issue of bonus shares INCOME-TAX : When there is an issue of bonus shares, money remains with company and nothing comes to shareholders as there is no transfer of property, and thus, provisions of section 56(2)(vii)(c) are not attractedINCOME-TAX : When there is an issue of bonus shares, money remains with company and nothing comes to shareholders as there […] Read more of this post February 26, 2021 at 12:00 am | Categories: Latest Case Laws, News | URL: https://wp.me/pcenIR-12H 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/deeming-provisions-prescribed-u-s-562vii-couldnt-be-applied-on-issue-of-bonus-shares/

posted: "The Market Regulator, SEBI has advised NSE to expeditiously carry out a detailed root cause analysis of the trading halt and also to explain the reasons for trading not migrating to the disaster recovery site, as per the prescribed norms. The SEBI would" New post on Gupta Chandan & Associates NSE to expeditiously carry out a detailed root cause analysis of trading halt: SEBI The Market Regulator, SEBI has advised NSE to expeditiously carry out a detailed root cause analysis of the trading halt and also to explain the reasons for trading not migrating to the disaster recovery site, as per the prescribed norms. The SEBI would take all necessary measures to ensure rectification of the underlying causes including […] Read more of this post February 26, 2021 at 12:00 am | Categories: Latest Statutory Happenings, News | URL: https://wp.me/pcenIR-12G 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/nse-to-expeditiously-carry-out-a-detailed-root-cause-analysis-of-trading-halt-sebi/

posted: "INCOME TAX : Writing off of irrecoverable loan in books of account sufficient to claim deduction for bad debts under section 36(1)(vii), assessee not required to be in money lending business to claim said deductionINCOME TAX : Writing off of irrecoverable" New post on Gupta Chandan & Associates Deduction for bad debt doesn't prerequisite money lending business; writing off in books of account is sufficient INCOME TAX : Writing off of irrecoverable loan in books of account sufficient to claim deduction for bad debts under section 36(1)(vii), assessee not required to be in money lending business to claim said deductionINCOME TAX : Writing off of irrecoverable loan in books of account sufficient to claim deduction for bad debts under section […] Read more of this post February 26, 2021 at 12:00 am | Categories: Latest Case Laws, News | URL: https://wp.me/pcenIR-12F 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/deduction-for-bad-debt-doesnt-prerequisite-money-lending-business-writing-off-in-books-of-account-is-sufficient/