Daily digest for Gupta Chandan & Associates, on May 16, 2022

posted: "FEMA amp; BANKING : Where ECIR was registered by ED against petitioner on basis of FIR filed under provisions of Official Secrets Act, on ground that he supplied confidential and sensitive information to chinese intelligence officers in exchange for remun" PMLA: HC grants bail to petitioner as Official Secrets Act isn't a scheduled offence and crime proceeds was below 1 Cr May 16 FEMA amp; BANKING : Where ECIR was registered by ED against petitioner on basis of FIR filed under provisions of Official Secrets Act, on ground that he supplied confidential and sensitive information to chinese intelligence officers in exchange for remuneration, since, offences punishable under Official Secrets Act were not scheduled offences under PMLA and proceeds […] 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/pmla-hc-grants-bail-to-petitioner-as-official-secrets-act-isnt-a-scheduled-offence-and-crime-proceeds-was-below-1-cr/ Powered by Jetpack

posted: "INCOME TAX : SLP disposed off granting liberty to revenue to file review petition against High Court ruling that where assessee-company merged into another company under an approved scheme and thereby lost its existence and order of said merger was availa" SC asks Dept. to file review petition before HC wherein order passed in name of non-existing Co. was quashed May 16 INCOME TAX : SLP disposed off granting liberty to revenue to file review petition against High Court ruling that where assessee-company merged into another company under an approved scheme and thereby lost its existence and order of said merger was available to revenue, impugned notice issued under section 148 in name of non-existent company was […] 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/sc-asks-dept-to-file-review-petition-before-hc-wherein-order-passed-in-name-of-non-existing-co-was-quashed/ Powered by Jetpack

posted: "The SEBI, considering MCA vide Circular dated May 5, 2022, extending the relaxations from dispatching of physical copies of annual report for the year 2022 has decided to provide relaxation to a listed entity from the requirement of sending a hard copy of" Listed entities dispensed with requirement of dispatching hard copies of annual reports to NCD holders upto 31.12.2022 May 16 The SEBI, considering MCA vide Circular dated May 5, 2022, extending the relaxations from dispatching of physical copies of annual report for the year 2022 has decided to provide relaxation to a listed entity from the requirement of sending a hard copy of annual report to the holders of non-convertible debt securities under Reg 58 […] 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/listed-entities-dispensed-with-requirement-of-dispatching-hard-copies-of-annual-reports-to-ncd-holders-upto-31-12-2022/ Powered by Jetpack

posted: "INCOME TAX : Where impugned assessment order had been passed by Assessing Officer in case of assessee by simply cutting and pasting draft assessment order and before passing said impugned order, no personal hearing had been granted and reply of assessee h" HC slams AO for passing order by simply cutting and pasting draft order without considering assessee's reply May 16 INCOME TAX : Where impugned assessment order had been passed by Assessing Officer in case of assessee by simply cutting and pasting draft assessment order and before passing said impugned order, no personal hearing had been granted and reply of assessee had also not been considered, there being total non-application of mind and also gross […] 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-slams-ao-for-passing-order-by-simply-cutting-and-pasting-draft-order-without-considering-assessees-reply/ Powered by Jetpack

posted: "The DGFT has issued notification to revise the export policy of onion seeds and put it under "Restricted Category" from the present policy of "prohibited Category" with immediate effect.The DGFT has issued notification to revise the export policy of onion" Export policy of onion seeds under Restricted Category: Notification May 16 The DGFT has issued notification to revise the export policy of onion seeds and put it under "Restricted Category" from the present policy of "prohibited Category" with immediate effect.The DGFT has issued notification to revise the export policy of onion seeds and put it under "Restricted Category" from the present policy of "prohibited Category" with […] 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/export-policy-of-onion-seeds-under-restricted-category-notification/ Powered by Jetpack

posted: "The DGFT has issued notification to revise the export policy of Wheat and put it under "prohibited Category" from the present policy of "Free Category" with immediate effect.The DGFT has issued notification to revise the export policy of Wheat and put it " Export policy of Wheat revised to Prohibited Category: Notification May 16 The DGFT has issued notification to revise the export policy of Wheat and put it under "prohibited Category" from the present policy of "Free Category" with immediate effect.The DGFT has issued notification to revise the export policy of Wheat and put it under "prohibited Category" from the present policy of "Free Category" with immediate effect.taxmann.com […] 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/export-policy-of-wheat-revised-to-prohibited-category-notification/ Powered by Jetpack

posted: "The RBI has decided to allow the Lending by Commercial Banks to NBFCs and Small Finance Banks (SFBs) to NBFC-MFIs, for the purpose of on-lending to certain priority sectors on an ongoing basis up to March 31, 2022. Further, SFBs are allowed to lend to reg" RBI allows lending by commercial banks to NBFCs and SFBs to NBFC-MFIs up to an overall limit of 5% and 10 % respectively May 16 The RBI has decided to allow the Lending by Commercial Banks to NBFCs and Small Finance Banks (SFBs) to NBFC-MFIs, for the purpose of on-lending to certain priority sectors on an ongoing basis up to March 31, 2022. Further, SFBs are allowed to lend to registered NBFC-MFIs and other MFIs which have a 'gross loan […] 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-allows-lending-by-commercial-banks-to-nbfcs-and-sfbs-to-nbfc-mfis-up-to-an-overall-limit-of-5-and-10-respectively/ Powered by Jetpack

posted: "In an endeavor to rationalize and streamline the process of application, the SEBI has issued guidelines for seeking NOC by Stock Brokers / Clearing Members for setting up WOS, Step Down Subsidiaries, and Joint Ventures in GIFT IFSC, accordingly, the forma" SEBI streamlines process for granting NOC for setting up WOS, Step-down Subsidiaries, and Joint Ventures in GIFT IFSC May 16 In an endeavor to rationalize and streamline the process of application, the SEBI has issued guidelines for seeking NOC by Stock Brokers / Clearing Members for setting up WOS, Step Down Subsidiaries, and Joint Ventures in GIFT IFSC, accordingly, the format of application along with the list of supporting documents for seeking NOC has been […] 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-streamlines-process-for-granting-noc-for-setting-up-wos-step-down-subsidiaries-and-joint-ventures-in-gift-ifsc/ Powered by Jetpack

posted: "INCOME TAX : Where assessee purchased a property on 9-7-2009 after selling old property on 13-3-2009 for Rs. 80 lacs and Assessing Officer determined cost of construction during year 1984 at Rs. 125 per sq.ft. and Rs. 175 per sq.ft. in year 1991 and deter" Assessment Order shall reflect materials based on which AO determined cost of construction/acquisition of property: HC May 16 INCOME TAX : Where assessee purchased a property on 9-7-2009 after selling old property on 13-3-2009 for Rs. 80 lacs and Assessing Officer determined cost of construction during year 1984 at Rs. 125 per sq.ft. and Rs. 175 per sq.ft. in year 1991 and determined cost of acquisition of new house property at Rs. 40 […] 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/assessment-order-shall-reflect-materials-based-on-which-ao-determined-cost-of-construction-acquisition-of-property-hc/ Powered by Jetpack