Friday, 26 February 2021

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"
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"
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"
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"
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"
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"
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"

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Daily digest for Gupta Chandan & Associates, on February 23, 2026

Income Tax Forms as applicable from 1st April 2026. Old forms under income tax Act 1961 added for better search....