Monday, 28 February 2022

Daily digest for Gupta Chandan & Associates, on February 28, 2022

posted: "INCOME TAX : Where show cause notice issued to assessee failed to provide sufficient opportunity to assessee to respond, violation of principles of natural justice was manifest and, accordingly, assessment order was to be set asideINCOME TAX : Where show "
posted: "COMPANY LAW : Where directors of company had failed to hold Annual General Meeting (AGM) of company for several years i.e. from 2015-2016 to 2018-2019, and thus, failed to comply provisions of section 96, penalty was to be imposed on said directors for al"
posted: "Earlier, CBIC issued notification to make certain amendments in existing Customs (Import of Goods at Concessional Rate of Duty) Rules, 2017. These changes shall come into effect from 1st March, 2022. The amendments are aimed at simplifying the procedures "
posted: "INCOME TAX : For assessment year 2018-19, where assessee made payment of Employees share of PF/ESI on or before due date for filing return of income under section 139(1), assessee would be entitled to claim deductionINCOME TAX : For assessment year 2018-1"
posted: "COMPETITION LAW : There is no violation of Competition Act, 2002, if Govt. departments insist their suppliers should get testing/accreditation from NABL onlyCOMPETITION LAW : There is no violation of Competition Act, 2002, if Govt. departments insist thei"
posted: "INCOME TAX : Rent received by trust from substantial contributor is 'adequate', if it exceeds municipal value for house tax; section 13(2)(b) cannot invokedINCOME TAX : Rent received by trust from substantial contributor is 'adequate', if it exceeds munic"
posted: "COMPETITION LAW : Where OP society having an affiliation with State Body responsible for conducting open district ranking tournaments in Mumbai Suburban jurisdiction for selection of players to represent State as well as promotion of table tennis in its j"
posted: "FEMA, BANKING amp; INSURANCE : CMM/DM can appoint Advocate Commissioner for taking possession of property of defaulting borrower u/s 14(1A) of SARFAESI Act, 2002FEMA, BANKING amp; INSURANCE : CMM/DM can appoint Advocate Commissioner for taking possession "
posted: "EXCISE/ST/VAT : Department failed to establish that TDS was deducted by service recipient and deposited with Income Tax Authorities; demand on ground that amount of TDS was not included in assessable value, was not sustainableEXCISE/ST/VAT : Department fa"
posted: "INCOME TAX : Where interest cost was incurred by assessee with respect to capital asset being land which was not put to use in year under consideration, it could not have been allowed as revenue expenditureINCOME TAX : Where interest cost was incurred by "
posted: "The Income-tax Department conducted search and seizure operations on a business group engaged in gaming activity, online betting (including cricket betting), etc. Preliminary investigation has revealed cash turnover of more than Rs. 600 crore in the last "
posted: "In view of the difficulties faced by stakeholders on Russia/Ukraine trade related issues, the DGFT has operationalized a Helpdesk to support and seek resolutions to issues related to India's International Trade. The stakeholders may submit the details of "
posted: "INCOME TAX : CIT cannot invoke section 263 on a matter considered by CIT(A) especially when CIT(A) has directed AO to make additions on itINCOME TAX : CIT cannot invoke section 263 on a matter considered by CIT(A) especially when CIT(A) has directed AO to"
posted: "The export policy of Injection Remdesivir and Remdesivir Active Pharmaceutical Ingredients (API), Amphotericin-B injections, Enoxaparin (Formulation and API) and Intra-Venous Immunoglobulin (IVIG) (Formulation and API) has been made 'Free' with immediate "
posted: "The SEBI has extended the timeline for existing trading and Demat account holders operating before 1.10.2021, w.r.t. freezing of accounts to March 31, 2023, instead of March 31, 2022. Existing investors who have not submitted nomination details to date an"
posted: "Genus Power Infrastructures Limited sought informal guidance under SEBI (Informal guidance) scheme, 2003. The question was whether BOOT model for Smart Meters fall under the definitions of "infrastructure" and "infrastructure project" as stated in the Inv"
posted: "RBI has informed all agency banks that Govt. has fixed 11-04-2022 as date of closure of residual transactions for March 2022. RBI stated that in view of ensuing closing of Govt. accounts for the F.Y. 2021-22, receiving branches including those not situate"
posted: "Based on the request received from the Association of Mutual Funds in India (AMFI), the market regulator SEBI has decided to extend the implementation date for the Swing pricing framework for mutual fund schemes in India to May 1, 2022. Earlier, the date"
posted: "The SEBI has directed all market intermediaries to make easy access to the data provided by various data sources in Indian securities markets pursuant to regulatory mandates for reporting and disclosure in public domain. SEBI directed that such data shou"
posted: "As I am penning down this piece, the market capitalisation worth Rs. 13.4 lakhs crores have already been eroded with BSE index plunging by 2700 points and NSE index tanking by 815 points, on account of Russia's launching of a special military operation cu"
posted: "The Finance Act 2021 introduced a new reassessment scheme to assess/reassess income which has escaped assessment and for assessment in search and seizure, requisition, and survey cases.The Finance Act 2021 introduced a new reassessment scheme to assess/re"
posted: "On the basis of representations received from various stakeholders, the SEBI has extended the timelines to comply with SEBI Circular on Segregation and Monitoring of Collateral at Client Level dated July 20, 2021. The extension is provided till May 02, 20"
posted: "The Finance Bill 2022 has introduced a 30% tax on income earned from the 'transfer' of Virtual Digital Assets (VDA).The Finance Bill 2022 has introduced a 30% tax on income earned from the 'transfer' of Virtual Digital Assets (VDA).taxmann.com Latest Arti"
posted: "Whether freebies (gifts, foreign travel, attending conferences) given by pharma companies to doctors are allowable as deduction under section 37(1)?Whether freebies (gifts, foreign travel, attending conferences) given by pharma companies to doctors are al"
posted: "In order to keep the track of all the complaints, the MCA has mandated that the ROC and RD must to enter all cases of complaints against the Companies and the LLPs, Inspections, Inquiries, etc in the MCA Electronic registry first before issuing any letter"
posted: "Section 56 of the Income-tax Act, 1961 ("the IT Act") aims to tax residuary incomes which are not covered under the specific heads of income i.e., "salaries", "income from house property", "profits and gains of business and profession" and "capital gains""
posted: "Sub-section 25 of section 2 of the Companies Act, 2013 defines the term "company secretary in practice" which means a company secretary who is deemed to be in practice under sub-section (2) of section 2 of the Company Secretaries Act, 1980.Sub-section 25 "
posted: "In this article it is proposed to cover whether the Courts can consider external aids also referred to as extrinsic aids such as preamble and purview of the Act while interpreting and finding out the purposes of the Act.In this article it is proposed to c"
posted: "MCA had earlier notified that all LLP filings shall be web-based from 06/03/2022 and onwards. In this regard, MCA issued the FAQs on MCA's new application V3. However, all the other services will continue to exist at the MCA V2 portal. FAQs covered the is"
posted: "A non-executive director is a member of a company's board of directors who is not part of the executive team. A non-executive director typically does not engage in the day-to-day management of the organization but is involved in policy making and planning"
posted: "The Income tax law contains many anti-abuse provisions to curb mischiefs, such asunder valuation, black money, and money laundering.The Income tax law contains many anti-abuse provisions to curb mischiefs, such asunder valuation, black money, and money la"
posted: "Fiscal legislation imposing liability is generally governed by the normal presumption that it is not retrospective.Fiscal legislation imposing liability is generally governed by the normal presumption that it is not retrospective.taxmann.com Latest Articl"

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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....