Daily digest for Gupta Chandan & Associates, on May 31, 2022

posted: "INCOME TAX : SLP dismissed against High Court ruling that Commissioner was not justified in revising order and directing Assessing Officer to add decommissioning levy, interest on decommissioning fund, interest on R amp; M fund and interest on R amp; D fu" Gupta Chandan & Associates CIT has no power to examine issue on merits while exercising revisional power under sec. 263: SC May 31 INCOME TAX : SLP dismissed against High Court ruling that Commissioner was not justified in revising order and directing Assessing Officer to add decommissioning levy, interest on decommissioning fund, interest on R amp; M fund and interest on R amp; D fund while computing book profit under section 115JB, particularly when in order passed by […] Read more of this post Comment 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/cit-has-no-power-to-examine-issue-on-merits-while-exercising-revisional-power-under-sec-263-sc/ Powered by Jetpack

posted: "The SEBI has modified the framework prescribed for Cyber Security amp; Cyber Resilience for KYC Registration Agencies (KRAs). As per the modified framework, more detailed norms are provided for the classification/designation of the critical assets. Furthe" Gupta Chandan & Associates SEBI modifies Cyber Security amp; Cyber Resilience Framework for KYC Registration Agencies (KRAs) May 31 The SEBI has modified the framework prescribed for Cyber Security amp; Cyber Resilience for KYC Registration Agencies (KRAs). As per the modified framework, more detailed norms are provided for the classification/designation of the critical assets. Further, the report of the Vulnerability Assessment and Penetration Testing (VAPT) and the gaps found therein shall also be submitted […] Read more of this post Comment 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/sebi-modifies-cyber-security-amp-cyber-resilience-framework-for-kyc-registration-agencies-kras/ Powered by Jetpack

posted: "The Govt. has appointed Dr Ajay Bhushan Prasad Pandey as the chairperson of the National Financial Reporting Authority, for a period of 3 years or till the age of 65 years, whichever is earlier. The appointment has been made retrospectively with effect fr" Gupta Chandan & Associates The Govt. appoints Dr Ajay Bhushan Prasad Pandey as the chairperson of the National Financial Reporting Authority May 31 The Govt. has appointed Dr Ajay Bhushan Prasad Pandey as the chairperson of the National Financial Reporting Authority, for a period of 3 years or till the age of 65 years, whichever is earlier. The appointment has been made retrospectively with effect from April 01, 2022.The Govt. has appointed Dr Ajay Bhushan Prasad Pandey as […] Read more of this post Comment 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/the-govt-appoints-dr-ajay-bhushan-prasad-pandey-as-the-chairperson-of-the-national-financial-reporting-authority/ Powered by Jetpack

posted: "As per RBI'S master direction "Regulated Entities (REs) are required to ensure that they do not have any account in the name of individuals/entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approve" Gupta Chandan & Associates RBI advises REs to take note of amendments made by UNSC in list of individuals amp; entities, suspected of terrorist link May 31 As per RBI'S master direction "Regulated Entities (REs) are required to ensure that they do not have any account in the name of individuals/entities appearing in the lists of individuals and entities, suspected of having terrorist links, which are approved by the United Nations Security Council (UNSC). The UNSC has currently amended the lists of […] Read more of this post Comment 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/rbi-advises-res-to-take-note-of-amendments-made-by-unsc-in-list-of-individuals-amp-entities-suspected-of-terrorist-link/ Powered by Jetpack

posted: "The Govt. has appointed Shri Praveen Kumar Tiwari as a full-time member of the National Financial Reporting Authority, for a period of 3 years or till the age of 65 years, whichever is earlier. The appointment has been made retrospectively with effect fro" Gupta Chandan & Associates The Govt. appoints Shri Praveen Kumar Tiwari as a full-time member of the National Financial Reporting Authority May 31 The Govt. has appointed Shri Praveen Kumar Tiwari as a full-time member of the National Financial Reporting Authority, for a period of 3 years or till the age of 65 years, whichever is earlier. The appointment has been made retrospectively with effect from March 28, 2022.The Govt. has appointed Shri Praveen Kumar Tiwari as a […] Read more of this post Comment 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/the-govt-appoints-shri-praveen-kumar-tiwari-as-a-full-time-member-of-the-national-financial-reporting-authority/ Powered by Jetpack

posted: "SEBI to streamline the bidding process and ensure the development of the market has reviewed the processing of ASBA applications. SEBI has notified that ASBA applications in Public Issues shall be processed only after the application monies are blocked in" Gupta Chandan & Associates Public Issues' ASBA application shall be processed only after the application monies are blocked May 31 SEBI to streamline the bidding process and ensure the development of the market has reviewed the processing of ASBA applications. SEBI has notified that ASBA applications in Public Issues shall be processed only after the application monies are blocked in the investor's bank accounts. Accordingly, all intermediaries are advised to ensure appropriate arrangements are made […] Read more of this post Comment 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/public-issues-asba-application-shall-be-processed-only-after-the-application-monies-are-blocked/ Powered by Jetpack

posted: "MCA has notified the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. Accordingly, in case of a compromise or an arrangement or merger or demerger between an Indian company and a company or body corporate which has been incorporated in" Gupta Chandan & Associates Body corporates from border sharing countries can't enter into a compromise or an arrangement or merger or demerger without Govt.'s nod May 31 MCA has notified the Companies (Compromises, Arrangements and Amalgamations) Rules, 2016. Accordingly, in case of a compromise or an arrangement or merger or demerger between an Indian company and a company or body corporate which has been incorporated in a country sharing land border with India, a declaration in Form CAA-16 shall be required at […] Read more of this post Comment 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/body-corporates-from-border-sharing-countries-cant-enter-into-a-compromise-or-an-arrangement-or-merger-or-demerger-without-govt-s-nod/ Powered by Jetpack

posted: "Central Government has notified the National Financial Reporting Authority (NFRA) appointment of Part-time members (Amendment), Rules, 2022. The government has appointed Mr. Shri Inder Deep Singh Dhariwal, Joint Secretary, MCA as a part time member in pla" Gupta Chandan & Associates Govt. appoints Mr. Inder Deep Singh Dhariwal, Mr. Amarjit Chopra and Mr. Anil Sharma as part time members of NFRA May 31 Central Government has notified the National Financial Reporting Authority (NFRA) appointment of Part-time members (Amendment), Rules, 2022. The government has appointed Mr. Shri Inder Deep Singh Dhariwal, Joint Secretary, MCA as a part time member in place of Shri KVR Murty, Joint Secretary, MCA. Further two new part time members namely Shri Amarjit Chopra, Ex-President, […] Read more of this post Comment 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-appoints-mr-inder-deep-singh-dhariwal-mr-amarjit-chopra-and-mr-anil-sharma-as-part-time-members-of-nfra/ Powered by Jetpack

posted: "INCOME TAX : Where assessee firm introduced cash in form of capital and by way of loan from partners into firm, without any corresponding entries in books of respective partners of firm onus was on assessee firm to establish genuineness of cash introduced" Gupta Chandan & Associates Sec. 68 additions justified if firm failed to establish genuineness of cash introduced by partners: ITAT May 31 INCOME TAX : Where assessee firm introduced cash in form of capital and by way of loan from partners into firm, without any corresponding entries in books of respective partners of firm onus was on assessee firm to establish genuineness of cash introduced in books of assessee firm and since assessee failed to establish source […] Read more of this post Comment 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/sec-68-additions-justified-if-firm-failed-to-establish-genuineness-of-cash-introduced-by-partners-itat/ Powered by Jetpack