Monday, 31 May 2021

Daily digest for Gupta Chandan & Associates, on May 31, 2021

posted: "FEMA amp; BANKING : Where Appellate Tribunal in its order while directing status quo till next hearing stated that respondent (ED) could take possession of properties attached under PMLA, ED did not violate order of Tribunal by issuing notices to appellan"
posted: "Cyclone Tauktae and cyclone Yaas have caused loss to property in some parts of the country. The General Insurers may have issued policies for protection of lives and property located in the affected areas. As a result, in order to mitigate the hardships "
posted: "EXCISE/ST/VAT : Since drug, Amphotericin B, is required to save lives of people suffering from disease, Mucormycosis (Black Fungus), and there is acute shortage of same in country, Central Government should seriously consider waiver of complete Customs an"
posted: "Excise, ST amp; VAT : Where matter was at stage of show cause notice and opportunity of filing reply and personal hearing was still available with petitioner and petitioner, if aggrieved by order of Adjudicating Authority, had a statutory remedy of filing"
posted: "INCOME TAX : Where assessee company allotted shares and received share capital of certain amount, since assessee did not furnish any details with regard to names of allotees, their addresses, PAN numbers, cheque numbers, name of bank etc. so as to proove "
posted: "COMPANY LAW/SEBI : Where there had been an undue delay on part of SEBI in initiating proceedings for violation of provisions of PIT Regulations but appellant-promoters had admitted alleged violation, penalty imposed on appellants was directed to be reduce"

Saturday, 29 May 2021

Daily digest for Gupta Chandan & Associates, on May 29, 2021

posted: "FEMA, BANKING amp; INSURANCE : Where petitioner company's account with respondent bank was freezed on initiation of proceedings under PML Act, and same had been done without due compliance of law, it was necessary to direct bank to defreeze accountFEMA, B"
posted: "The RBI has notified the Foreign Exchange Management (Borrowing and Lending) (Amendment) Regulations, 2021 wherein it has been clarified that AD in India may lend to a person resident outside India for making margin payments in respect of settlement of tr"
posted: "FEMA amp; BANKING : A notice to borrower regarding auction sale under rule 8(6) of Security Interest (Enforcement) Rules, 2002 is a mandatory requirement laid down by statute, and failure to issue such a notice would vitiate auction itselfFEMA amp; BANKIN"
posted: "INCOME TAX : Where assessee claimed deduction under section 10B on interest income on FDR and miscellaneous income, since there was no detail of source of miscellaneous income available on record so as to decide whether it formed part of business profit o"

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....