Daily digest for Gupta Chandan & Associates, on June 15, 2022

posted: "The RBI has observed that banks have not been strictly complying with extant instructions on assessment of commercial viability, ascertainment of revenue streams for debt servicing obligations, and monitoring of end-use of funds w.r.t financing of infrast" Gupta Chandan & Associates RBI slams banks to follow instructions in true letter and spirit while extending loans to Govt. owned entities Jun 15 The RBI has observed that banks have not been strictly complying with extant instructions on assessment of commercial viability, ascertainment of revenue streams for debt servicing obligations, and monitoring of end-use of funds w.r.t financing of infrastructure/ housing projects of Government-owned entities. Therefore, RBI has advised banks to carry out a review and place before […] 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-slams-banks-to-follow-instructions-in-true-letter-and-spirit-while-extending-loans-to-govt-owned-entities/ Powered by Jetpack

posted: "The Central Board of Direct Taxes (CBDT) has updated guidance on MAP procedure addressing various concerns of the stakeholders. The board had earlier notified MAP guidance vide F.No. 500/09/2016-APA-I dated 7th August 2020. Stakeholders had raised queries" Gupta Chandan & Associates CBDT updates Mutual Agreement Procedure (MAP) Guidance addressing stakeholder's concerns Jun 15 The Central Board of Direct Taxes (CBDT) has updated guidance on MAP procedure addressing various concerns of the stakeholders. The board had earlier notified MAP guidance vide F.No. 500/09/2016-APA-I dated 7th August 2020. Stakeholders had raised queries on certain related aspects of MAP, which were not covered by the guidance. Some partner countries had also […] 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-updates-mutual-agreement-procedure-map-guidance-addressing-stakeholders-concerns/ Powered by Jetpack

posted: "INCOME TAX : Where petitioner, legal representative, challenged impugned notice issued under section 148 on ground that notice had been issued in name of his deceased father, revenue was to be directed to issue appropriate notice to petitioner under secti" Gupta Chandan & Associates Notice can't be issued in deceased name; HC directs AO to issue an appropriate notice in name of legal representative Jun 15 INCOME TAX : Where petitioner, legal representative, challenged impugned notice issued under section 148 on ground that notice had been issued in name of his deceased father, revenue was to be directed to issue appropriate notice to petitioner under section 148 as a legal representative of deceased assesseeINCOME TAX : Where petitioner, legal representative, challenged […] 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/notice-cant-be-issued-in-deceased-name-hc-directs-ao-to-issue-an-appropriate-notice-in-name-of-legal-representative/ Powered by Jetpack

posted: "COMPETITION ACT : Notice issued on application for stay of CCI's impugned order wherein it was held that since OPs were indulged in anti-competitive agreement and had contravened provisions of section 3, OPs and their office bearers were directed to cease" Gupta Chandan & Associates SC directs issuance of notice on plea to stay CCI's order that held OPs were indulged in anti-competitive practices Jun 15 COMPETITION ACT : Notice issued on application for stay of CCI's impugned order wherein it was held that since OPs were indulged in anti-competitive agreement and had contravened provisions of section 3, OPs and their office bearers were directed to cease and desist from indulging in such practicesCOMPETITION ACT : Notice issued on application for […] 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-directs-issuance-of-notice-on-plea-to-stay-ccis-order-that-held-ops-were-indulged-in-anti-competitive-practices/ Powered by Jetpack

posted: "INCOME TAX : Where assessee, engaged in business of hire purchase and leasing, leased out motor vehicles as part of its business, assessee was entitled to claim higher depreciation at rate of 40 per cent than normal rate of 25 per cent in respect of vehic" Gupta Chandan & Associates Bank is to be allowed depreciation on fall in market value of securities which were held as stock-in-trade: HC Jun 15 INCOME TAX : Where assessee, engaged in business of hire purchase and leasing, leased out motor vehicles as part of its business, assessee was entitled to claim higher depreciation at rate of 40 per cent than normal rate of 25 per cent in respect of vehicles so leased outINCOME TAX : Where assessee, engaged in […] 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/bank-is-to-be-allowed-depreciation-on-fall-in-market-value-of-securities-which-were-held-as-stock-in-trade-hc/ Powered by Jetpack

posted: "The cost of inflation index (CII) has been notified by the Central Board of Direct Taxes (CBDT) every year. CII is used to compute Long term capital gains wherein the cost of acquisition/improvement is indexed with reference to the applicable CII of the r" Gupta Chandan & Associates '331' notified as Cost Inflation Index for Financial Year 2022-23 Jun 15 The cost of inflation index (CII) has been notified by the Central Board of Direct Taxes (CBDT) every year. CII is used to compute Long term capital gains wherein the cost of acquisition/improvement is indexed with reference to the applicable CII of the relevant year. The CBDT has notified '331' as CII for the Financial […] 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/331-notified-as-cost-inflation-index-for-financial-year-2022-23/ Powered by Jetpack