Saturday, 31 July 2021

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

posted: "COMPETITION LAW : Where informant purchased Laminam sheets from OP and alleged that OP being sole distributor of Laminam sheets in India was abusing its dominant position in market qua warranty conditions, in view of fact that other than a mere reiteratio"
posted: "INCOME TAX : Where assessee fully disclosed all material facts related to purchase and lease back transactions of machineries and block assessment order holding depreciation claimed on said machineries as undisclosed income was quashed after considering g"
posted: "COMPANY LAW/SEBI : Proceedings investigated by Serious Fraud Investigation Office (SFIO) under section 212(2) of Companies Act, 2013 are distinct from proceedings investigated by SEBI under Companies Act and SEBI Act, 1992, hence, even though SFIO was loo"
posted: "CBIC has issued notification to further extend the transitional provisions of Sea Cargo Manifest and Transhipment Regulations (SCMTR), 2018, till 31st August 2021 to enable submission of manifests under erstwhile regulations and to enable carriers continu"
posted: "In view of the prevailing situation due to Covid-19 pandemic and representation received from Stock Exchanges, the SEBI has decided to extend the timelines for compliance with the regulatory requirements by the Trading Members /Clearing Members / KYC Regi"
posted: "INCOME TAX : Where AO made addition under section 68 on account of huge cash amount deposited by assessee-jeweller in its bank account post demonetization, since assessee had explained source of said cash deposits as sales of jewellery, produced sale bill"
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Friday, 30 July 2021

Daily digest for Gupta Chandan & Associates, on July 30, 2021

posted: "INCOME TAX : Where assessee failed to produce any documentary evidence to justify its claim for deduction under section 37(1) on account of insurance premium paid on Keyman Insurance policy and Tribunal, without giving any acceptable finding, concluded th"
posted: "INCOME TAX : Assessee was entitled to set off carried forward business loss of earlier years against income declared under head income from capital gains arising out of sale of land along with building and borewell which were business assets of assesseeIN"
posted: "COMPANY LAW/SEBI : Where broker is declared a defaulter and his terminals are disabled, then complaint filed by investor against said broker cannot be referred for redressal to Investor Grievance Redressal Committee (IGRC) and only option available is to "
posted: "INCOME TAX : Where assessee claimed Long Term Capital Gain (LTCG) on sale of shares as exempt under section 10(38) and Assessing Officer had taken note of issue related to suspicious LTCG on shares being raised by Investigation wing and had called for doc"
posted: "The Income-tax dept. has carried out a search operation on a prominent group in Jharkhand dealing in building construction and real estate. Evidence gathered during the search established that the group had fraudulently got more than 300 acres of forest l"
posted: "RBI had decided to align provision relating to rating of deposit taking finance companies with provisions prescribed for NBFCs. In this regard, RBI has also prescribed the names of credit rating agencies and their minimum investment grade ratings for the "
posted: "The CBDT has omitted certain rules and forms notified in Appendix II. However, any proceedings pending before income-tax authority or court shall be continued amp; disposed of in accordance with such rules and forms. Further, the PDGIT(systems)/DGIT(syste"
posted: "INCOME TAX : Where assessee, a subsidiary of Japanese Company, had made provision towards marketing , overseas and general expenses during year and reversal of entry was also made in same accounting year and Assessing Officer held that assessee should hav"
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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....