Daily digest for Gupta Chandan & Associates, on May 12, 2022

posted: "INCOME TAX : Where Authorised Officer conducted search under section 132 and assessee filed writ petition praying to declare search as illegal, since it was specifically observed in satisfaction note of revenue that assessee had rental yielding properties" HC declined to quash search initiated assessee as AO had significant materials leading to exercise of such action May 12 INCOME TAX : Where Authorised Officer conducted search under section 132 and assessee filed writ petition praying to declare search as illegal, since it was specifically observed in satisfaction note of revenue that assessee had rental yielding properties and investment for construction of properties was not reflected in account books,INCOME TAX : Where Authorised Officer […] 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/hc-declined-to-quash-search-initiated-assessee-as-ao-had-significant-materials-leading-to-exercise-of-such-action/ Powered by Jetpack

posted: "The Govt. has notified the list of sections of the CA, the CWA, and the CS (Amendment) Act, 2022 which will be effective from the 10th day of May 2022. The key provisions include setting up of a coordination committee, reduction in the number of consecuti" Govt. notifies May 10, 2022 as the effective date of certain provisions of CA, CWA, and CS (Amendment) Act, 2022 May 12 The Govt. has notified the list of sections of the CA, the CWA, and the CS (Amendment) Act, 2022 which will be effective from the 10th day of May 2022. The key provisions include setting up of a coordination committee, reduction in the number of consecutive terms for council members, Finances of Council, etc.The Govt. […] 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-notifies-may-10-2022-as-the-effective-date-of-certain-provisions-of-ca-cwa-and-cs-amendment-act-2022/ Powered by Jetpack

posted: "FEMA amp; BANKING : Where plaintiff borrowers had created a security interest in suit property in favour of bank for a loan and later a MoU between plaintiffs and defendants (successful bidders in auction sale conducted by bank) was executed after issuanc" MoU entered for sale of suit property after issuance of notice u/s 13(2) wasn't enforceable u/s 13 of SARFAESI: HC May 12 FEMA amp; BANKING : Where plaintiff borrowers had created a security interest in suit property in favour of bank for a loan and later a MoU between plaintiffs and defendants (successful bidders in auction sale conducted by bank) was executed after issuance of notice under section 13(2), MOU was not enforceable as section 13 contains […] 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/mou-entered-for-sale-of-suit-property-after-issuance-of-notice-u-s-132-wasnt-enforceable-u-s-13-of-sarfaesi-hc/ Powered by Jetpack

posted: "The Government has notified new RoDTEP schedule in appendix 4R for implementation w.e.f Jan. 1, 2022.The Government has notified new RoDTEP schedule in appendix 4R for implementation w.e.f Jan. 1, 2022.taxmann.com Latest Statutory HappeningsRead More" New RoDTEP schedule in appendix 4R notified for implementation w.e.f Jan. 1, 2022: Notification May 12 The Government has notified new RoDTEP schedule in appendix 4R for implementation w.e.f Jan. 1, 2022.The Government has notified new RoDTEP schedule in appendix 4R for implementation w.e.f Jan. 1, 2022.taxmann.com Latest Statutory HappeningsRead More 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/new-rodtep-schedule-in-appendix-4r-notified-for-implementation-w-e-f-jan-1-2022-notification/ Powered by Jetpack

posted: "The CBDT has issued guidelines for compulsory selection of returns for Complete Scrutiny during the financial year 2021-23. Income tax authorities are directed to select the cases based on these guidelines by 30-06-2022.The CBDT has issued guidelines for " CBDT issues guidelines for compulsory selection of ITRs for Complete Scrutiny during FY 2022-23 May 12 The CBDT has issued guidelines for compulsory selection of returns for Complete Scrutiny during the financial year 2021-23. Income tax authorities are directed to select the cases based on these guidelines by 30-06-2022.The CBDT has issued guidelines for compulsory selection of returns for Complete Scrutiny during the financial year 2021-23. Income tax authorities are directed […] 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/cbdt-issues-guidelines-for-compulsory-selection-of-itrs-for-complete-scrutiny-during-fy-2022-23/ Powered by Jetpack

posted: "Recently, the Supreme Court has upheld the validity of section 148 notices issued under old provisions and asked Assessing Officers to proceed with the reassessment following new provisions. To implement the judgment of the Supreme Court in a uniform mann" CBDT issues instructions for AOs to implement SC's ruling upholding validity of old reassessment notices May 12 Recently, the Supreme Court has upheld the validity of section 148 notices issued under old provisions and asked Assessing Officers to proceed with the reassessment following new provisions. To implement the judgment of the Supreme Court in a uniform manner, the Central Board of Direct Taxes (CBDT) has issued instructions that shall be required to […] 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/cbdt-issues-instructions-for-aos-to-implement-scs-ruling-upholding-validity-of-old-reassessment-notices/ Powered by Jetpack

posted: "The MCA has issued guidelines for funding research studies on corporate governance. The primary objective of the scheme is to better utilise the repository of corporate sector data available with the MCA 21, explore and expand the scope of utilization of " MCA's research and analysis wing issues detailed guidelines for funding research studies on corporat May 12 The MCA has issued guidelines for funding research studies on corporate governance. The primary objective of the scheme is to better utilise the repository of corporate sector data available with the MCA 21, explore and expand the scope of utilization of MCA-21 Database, formulate research studies. The scope of research includes Integration of MCA 21 […] 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/mcas-research-and-analysis-wing-issues-detailed-guidelines-for-funding-research-studies-on-corporat/ Powered by Jetpack

posted: "INCOME TAX : Where assessee, a co-operative society was engaged in processing of milk and manufacture of dairy products, even though processing of milk will not result in manufacture of article or thing,INCOME TAX : Where assessee, a co-operative society " Assessee is eligible for additional dep. even if Pamp;M isn't actually used for manufacturing of article/thing: ITAT May 12 INCOME TAX : Where assessee, a co-operative society was engaged in processing of milk and manufacture of dairy products, even though processing of milk will not result in manufacture of article or thing,INCOME TAX : Where assessee, a co-operative society was engaged in processing of milk and manufacture of dairy products, even though processing 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/assessee-is-eligible-for-additional-dep-even-if-pampm-isnt-actually-used-for-manufacturing-of-article-thing-itat/ Powered by Jetpack

posted: "The CBIC has issued notification to revoke the anti-dumping duty imposed on 'Amoxycillin' also known as 'Amoxycillin Trihydrate', falling under tariff item 2941 10 30 when originating in or exported from China PR and imported into India.The CBIC has issue" CBIC revokes anti-dumping duty imposed on import of 'Amoxycillin' from China: Notification May 12 The CBIC has issued notification to revoke the anti-dumping duty imposed on 'Amoxycillin' also known as 'Amoxycillin Trihydrate', falling under tariff item 2941 10 30 when originating in or exported from China PR and imported into India.The CBIC has issued notification to revoke the anti-dumping duty imposed on 'Amoxycillin' also known as 'Amoxycillin Trihydrate', falling […] 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/cbic-revokes-anti-dumping-duty-imposed-on-import-of-amoxycillin-from-china-notification/ Powered by Jetpack