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

posted: "EXCISE/ST/VAT : Notice was issued Apex Court on review petition filed by Union of India against its judgment in Canon India (P.) Ltd. v. Commissioner of Customs [2021] 125 taxmann.com 188 (SC) and directed respondents to file counter affidavit before next" Gupta Chandan & Associates Apex Court admitted review petition filed by Union of India against its judgment in Canon India case May 28 EXCISE/ST/VAT : Notice was issued Apex Court on review petition filed by Union of India against its judgment in Canon India (P.) Ltd. v. Commissioner of Customs [2021] 125 taxmann.com 188 (SC) and directed respondents to file counter affidavit before next date of hearingEXCISE/ST/VAT : Notice was issued Apex Court on review petition filed 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/apex-court-admitted-review-petition-filed-by-union-of-india-against-its-judgment-in-canon-india-case/ Powered by Jetpack

posted: "INCOME TAX : Leave granted to SLP filed against High Court Ruling that provisions of section 115JB could not be invoked in case of company engaged in generation and supply of electricityINCOME TAX : Leave granted to SLP filed against High Court Ruling tha" Gupta Chandan & Associates SC granted SLP against ruling that MAT provisions not applicable on Co. engaged in generation amp; supply of electricity May 28 INCOME TAX : Leave granted to SLP filed against High Court Ruling that provisions of section 115JB could not be invoked in case of company engaged in generation and supply of electricityINCOME TAX : Leave granted to SLP filed against High Court Ruling that provisions of section 115JB could not be invoked in case 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/sc-granted-slp-against-ruling-that-mat-provisions-not-applicable-on-co-engaged-in-generation-amp-supply-of-electricity/ Powered by Jetpack

posted: "INCOME TAX : While Considering exemption under section 54F, residential house purchased in spouse's name cannot be considered as property owned by assessee, thus, it cannot be construed as owned by assessee for determining eligibility for exemption under " Gupta Chandan & Associates Husband can't be said owner of house bought in wife's name even if he claimed Sec. 54 exemption on it: HC May 28 INCOME TAX : While Considering exemption under section 54F, residential house purchased in spouse's name cannot be considered as property owned by assessee, thus, it cannot be construed as owned by assessee for determining eligibility for exemption under section 54F however investment in property registered in spouse's name is eligible for exemption under section 54INCOME […] 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/husband-cant-be-said-owner-of-house-bought-in-wifes-name-even-if-he-claimed-sec-54-exemption-on-it-hc/ Powered by Jetpack

posted: "INCOME TAX : Where assessee-NRI contended that cash deposits found in his bank account were towards consideration received as gift from his brother and father for purchase of a property and discharged his onus to prove genuineness of said transaction by f" Gupta Chandan & Associates Income-tax Act doesn't prohibit NRI from accepting gifts from the relatives: Ahmedabad ITAT May 28 INCOME TAX : Where assessee-NRI contended that cash deposits found in his bank account were towards consideration received as gift from his brother and father for purchase of a property and discharged his onus to prove genuineness of said transaction by furnishing various documents i.e. cash book, profit and loss account, gift deed, sales bills […] 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/income-tax-act-doesnt-prohibit-nri-from-accepting-gifts-from-the-relatives-ahmedabad-itat/ Powered by Jetpack

posted: "SEBI has modified the framework prescribed for Cyber Security and Cyber Resilience for Qualified Registrars to an Issue and Share Transfer Agents (QRATs). As per the modified framework, more detailed norms are provided for the classification/designation o" Gupta Chandan & Associates SEBI modifies 'Cyber Security and Cyber Resilience Framework' for QRTAs May 28 SEBI has modified the framework prescribed for Cyber Security and Cyber Resilience for Qualified Registrars to an Issue and Share Transfer Agents (QRATs). 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 […] 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-and-cyber-resilience-framework-for-qrtas/ Powered by Jetpack

posted: "The Central Board of Direct Taxes (CBDT) has amended notification S.O. 118(E), dated 12-01-2021, which specifies the procedure for imposing penalty in accordance with the Faceless Penalty Scheme 2021.The Central Board of Direct Taxes (CBDT) has amended no" Gupta Chandan & Associates CBDT revises procedures for imposing penalties under Faceless Penalty Scheme 2021 May 28 The Central Board of Direct Taxes (CBDT) has amended notification S.O. 118(E), dated 12-01-2021, which specifies the procedure for imposing penalty in accordance with the Faceless Penalty Scheme 2021.The Central Board of Direct Taxes (CBDT) has amended notification S.O. 118(E), dated 12-01-2021, which specifies the procedure for imposing penalty in accordance with the Faceless Penalty […] 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-revises-procedures-for-imposing-penalties-under-faceless-penalty-scheme-2021/ Powered by Jetpack

posted: "In view of the representation received from various stakeholders and considering the transition from Version-2 of MCA-21 to version-3, the MCA has extended timelines for filing of the Annual Return (Form 11) by LLPs without paying additional fee from 30th" Gupta Chandan & Associates MCA allows LLPs to file their Annual Returns (Form 11) without any additional fee upto 30.06.2022 May 28 In view of the representation received from various stakeholders and considering the transition from Version-2 of MCA-21 to version-3, the MCA has extended timelines for filing of the Annual Return (Form 11) by LLPs without paying additional fee from 30th May, 2022 till 30th June, 2022. Section 35 of LLP Act read with rule 25(1) […] 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/mca-allows-llps-to-file-their-annual-returns-form-11-without-any-additional-fee-upto-30-06-2022/ Powered by Jetpack

posted: "The Central Board of Direct Taxes (CBDT) has notified the Faceless Penalty (Amendment) Scheme, 2022. The board has omitted the concept of Regional Faceless Penalty Centres from the Faceless Penalty Scheme 2021. Further, it has been specified that 'Appeal " Gupta Chandan & Associates CBDT notifies Faceless Penalty (Amendment) Scheme, 2022; omits Regional Faceless Penalty Centres May 28 The Central Board of Direct Taxes (CBDT) has notified the Faceless Penalty (Amendment) Scheme, 2022. The board has omitted the concept of Regional Faceless Penalty Centres from the Faceless Penalty Scheme 2021. Further, it has been specified that 'Appeal Units' and 'Penalty Review Units' shall mean the Assessing Officer having powers so assigned by the […] 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-notifies-faceless-penalty-amendment-scheme-2022-omits-regional-faceless-penalty-centres/ Powered by Jetpack

posted: "INCOME TAX : If income, escapement of which was basis of reopening of assessment was not assessed or reassessed, it would not be open to Assessing Officer to independently assess any other income which comes to his notice subsequently in course of reopeni" Gupta Chandan & Associates AO can't assess any other income if issue on which reassessment notice was issued resulted in no escaped income: HC May 28 INCOME TAX : If income, escapement of which was basis of reopening of assessment was not assessed or reassessed, it would not be open to Assessing Officer to independently assess any other income which comes to his notice subsequently in course of reopening proceedings as having escaped assessmentINCOME TAX : If income, escapement of which […] 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/ao-cant-assess-any-other-income-if-issue-on-which-reassessment-notice-was-issued-resulted-in-no-escaped-income-hc/ Powered by Jetpack

posted: "The Government has modified the existing constitution of members of the International Financial Service authority. The Govt. has appointed Shri. Suchindra Mishra, Additional Secretary of Ministry of Finance, Department of Financial Services in place of Sh" Gupta Chandan & Associates Govt. appoints Suchindra Mishra and Shashank Saksena as members of IFSCA May 28 The Government has modified the existing constitution of members of the International Financial Service authority. The Govt. has appointed Shri. Suchindra Mishra, Additional Secretary of Ministry of Finance, Department of Financial Services in place of Shri Pankaj Jain. The Govt. further appointed Dr. Shashank Saksena, Senior Economic Adviser of the Ministry of Finance, Department 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/govt-appoints-suchindra-mishra-and-shashank-saksena-as-members-of-ifsca/ Powered by Jetpack

posted: "TRANSFER PRICING : Interest rate on outstanding receivables from AE was to be calculated at LIBOR + 2 per centTRANSFER PRICING : Interest rate on outstanding receivables from AE was to be calculated at LIBOR + 2 per centwww.taxmann.com Latest Case LawsRea" Gupta Chandan & Associates Deferred revenue from AE constitutes independent international transaction; to be benchmarked independently: ITAT May 28 TRANSFER PRICING : Interest rate on outstanding receivables from AE was to be calculated at LIBOR + 2 per centTRANSFER PRICING : Interest rate on outstanding receivables from AE was to be calculated at LIBOR + 2 per centwww.taxmann.com Latest Case LawsRead 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/deferred-revenue-from-ae-constitutes-independent-international-transaction-to-be-benchmarked-independently-itat/ Powered by Jetpack