Daily digest for Gupta Chandan & Associates, on May 7, 2022

posted: "INCOME TAX : SLP dismissed against impugned order of High Court holding that where assessee, engaged in construction work, received RBI bonds instead of cash as a consideration for project undertaken in Iraq as sub-contractor and incurred loss on sale of " Loss on sale of bonds received as consideration for undertaking a project is allowable as deduction; SLP dismissed May 7 INCOME TAX : SLP dismissed against impugned order of High Court holding that where assessee, engaged in construction work, received RBI bonds instead of cash as a consideration for project undertaken in Iraq as sub-contractor and incurred loss on sale of bonds, considering nature of business of assessee, bonds were to be treated as current […] 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/loss-on-sale-of-bonds-received-as-consideration-for-undertaking-a-project-is-allowable-as-deduction-slp-dismissed/ Powered by Jetpack

posted: "SEBI has notified the SEBI (InvITs) (Amendment) Regulations, 2022. Now InvITs are required to pay non-refundable filing fees of 0.1% in case of initial offer and 0.05% in case of right issue of the total issue size including green shoe option at the time " SEBI specifies separate non-refundable filing fees be paid by InvIT for initial offer and right issues May 7 SEBI has notified the SEBI (InvITs) (Amendment) Regulations, 2022. Now InvITs are required to pay non-refundable filing fees of 0.1% in case of initial offer and 0.05% in case of right issue of the total issue size including green shoe option at the time of filing of draft placement memorandum or offer letter w.r.t private […] 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-specifies-separate-non-refundable-filing-fees-be-paid-by-invit-for-initial-offer-and-right-issues/ Powered by Jetpack

posted: "Ministry of Micro, Small and Medium enterprises has come out with an amendment notification. The ministry has extended the validity of EM Part-II and UAMs from 31.03.2022 to 30.06.2022. This would facilitate the holders of EM Part-II and UAMs to avail ben" Govt. further extends the validity of the Udyog aadhar memorandum from 31st March, 2022 to 30th June, 2022 May 7 Ministry of Micro, Small and Medium enterprises has come out with an amendment notification. The ministry has extended the validity of EM Part-II and UAMs from 31.03.2022 to 30.06.2022. This would facilitate the holders of EM Part-II and UAMs to avail benefits of the provisions under various existing schemes and incentives and will provide them […] 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-further-extends-the-validity-of-the-udyog-aadhar-memorandum-from-31st-march-2022-to-30th-june-2022/ Powered by Jetpack

posted: "FA 2020 has inserted a new clause (23FE) in section 10 to provide an exemption to a wholly-owned subsidiary of the ADIA, a sovereign wealth, and a pension fund. The exemption is provided in respect of any income of the specified person like dividend, int" CBDT notifies Rule for computation of minimum investment amp; exempt income of specified person u/s 10(23FE) May 7 FA 2020 has inserted a new clause (23FE) in section 10 to provide an exemption to a wholly-owned subsidiary of the ADIA, a sovereign wealth, and a pension fund. The exemption is provided in respect of any income of the specified person like dividend, interest, or long-term capital gains arising from an investment made 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/cbdt-notifies-rule-for-computation-of-minimum-investment-amp-exempt-income-of-specified-person-u-s-1023fe/ Powered by Jetpack

posted: "INCOME TAX : Where assessee had entered into agreements with third parties for conferring distribution rights of films for consideration and search conducted at premises of assessee revealed that assessee had not disclosed entire amounts received under ag" Consideration alleged to be waived treated as undisclosed income as ledger revealed that it was already received May 7 INCOME TAX : Where assessee had entered into agreements with third parties for conferring distribution rights of films for consideration and search conducted at premises of assessee revealed that assessee had not disclosed entire amounts received under agreements for assessment and assessee claimed that it did not receive entire amount as part of it had […] 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/consideration-alleged-to-be-waived-treated-as-undisclosed-income-as-ledger-revealed-that-it-was-already-received/ Powered by Jetpack

posted: "INCOME TAX : Where assessee had mistakenly not added foreign exchange fluctuation amount to his income, no case for levy of penalty under section 271(1)(c) was made out and penalty so levied, was to be deletedINCOME TAX : Where assessee had mistakenly not" ITAT deleted concealment penalty as foreign exchange fluctuation amount wasn't added to income mistakenly May 7 INCOME TAX : Where assessee had mistakenly not added foreign exchange fluctuation amount to his income, no case for levy of penalty under section 271(1)(c) was made out and penalty so levied, was to be deletedINCOME TAX : Where assessee had mistakenly not added foreign exchange fluctuation amount to his income, no case for levy […] 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/itat-deleted-concealment-penalty-as-foreign-exchange-fluctuation-amount-wasnt-added-to-income-mistakenly/ Powered by Jetpack

posted: "The additional quantity of 2051 MT of raw sugar for export to USA under TRQ has been notified. The DGFT has issued public notice in this regard.The additional quantity of 2051 MT of raw sugar for export to USA under TRQ has been notified. The DGFT has iss" Additional quantity of 2051 MT of raw sugar for export to USA notified: Public Notice May 7 The additional quantity of 2051 MT of raw sugar for export to USA under TRQ has been notified. The DGFT has issued public notice in this regard.The additional quantity of 2051 MT of raw sugar for export to USA under TRQ has been notified. The DGFT has issued public notice in this regard.taxmann.com Latest Statutory […] 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/additional-quantity-of-2051-mt-of-raw-sugar-for-export-to-usa-notified-public-notice/ Powered by Jetpack

posted: "The SEBI has constituted a committee for advising on ESG-related matters in the securities market. The terms of reference of the Committee includes enhancements in business responsibility and sustainability report (BRSR), disclosures in the rationale by E" SEBI constitutes advisory committee on Environmental, Social and Governance (ESG) matters May 7 The SEBI has constituted a committee for advising on ESG-related matters in the securities market. The terms of reference of the Committee includes enhancements in business responsibility and sustainability report (BRSR), disclosures in the rationale by ESG rating providers on what and how qualitative factors were factored in the ESG ratings / observations, examining whether […] 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-constitutes-advisory-committee-on-environmental-social-and-governance-esg-matters/ Powered by Jetpack