Daily digest for Gupta Chandan & Associates, on June 17, 2022

posted: "INCOME TAX : Non-compete fee paid by assessee would not be an intangible asset within ambit of section 32(1)(ii) and depreciation claimed on same was to be disallowedINCOME TAX : Non-compete fee paid by assessee would not be an intangible asset within amb" Gupta Chandan & Associates Non-compete fee can't be treated as intangible asset; Depreciation claim on it to be disallowed: ITAT Jun 17 INCOME TAX : Non-compete fee paid by assessee would not be an intangible asset within ambit of section 32(1)(ii) and depreciation claimed on same was to be disallowedINCOME TAX : Non-compete fee paid by assessee would not be an intangible asset within ambit of section 32(1)(ii) and depreciation claimed on same was to be disallowedwww.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/non-compete-fee-cant-be-treated-as-intangible-asset-depreciation-claim-on-it-to-be-disallowed-itat/ Powered by Jetpack

posted: "COMPETITION ACT : Supreme Court dismissed appeal against NCLAT's ruling that Bar Council of India is a statutory body established under section 4 of Advocate Act, which is a exclusive rule making authority to set standards of legal education and, thus, it" Gupta Chandan & Associates SC dismisses appeal against NCLAT's ruling that Bar Council of India isn't an 'enterprise' that abused its dominance Jun 17 COMPETITION ACT : Supreme Court dismissed appeal against NCLAT's ruling that Bar Council of India is a statutory body established under section 4 of Advocate Act, which is a exclusive rule making authority to set standards of legal education and, thus, it could not be said to be an 'enterprise' within meaning of section 2(h), […] 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-dismisses-appeal-against-nclats-ruling-that-bar-council-of-india-isnt-an-enterprise-that-abused-its-dominance/ Powered by Jetpack

posted: "INCOME TAX : Where assessee utilized borrowings (ICDs) for acquisition of shares, since interest paid on said borrowings was not claimed as deduction under business head, same would fall for deduction under section 48 and would be considered as part of co" Gupta Chandan & Associates Interest paid on borrowings used for purchase of shares to be part of COA if same wasn't claimed as deduction: ITAT Jun 17 INCOME TAX : Where assessee utilized borrowings (ICDs) for acquisition of shares, since interest paid on said borrowings was not claimed as deduction under business head, same would fall for deduction under section 48 and would be considered as part of cost of acquisition while computing capital gains on sale of sharesINCOME TAX : Where […] 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/interest-paid-on-borrowings-used-for-purchase-of-shares-to-be-part-of-coa-if-same-wasnt-claimed-as-deduction-itat/ Powered by Jetpack

posted: "The RBI has announced Series I and II of Sovereign Gold Bond Scheme 2022-23. The Sovereign Gold Bonds (SGBs) will be sold through SCBs, Stock Holding Corporation of India Ltd., Clearing Corporation of India Ltd., designated post offices, and Stock exchang" Gupta Chandan & Associates Govt. announces Series I and II of Sovereign Gold Bond Scheme 2022-23 Jun 17 The RBI has announced Series I and II of Sovereign Gold Bond Scheme 2022-23. The Sovereign Gold Bonds (SGBs) will be sold through SCBs, Stock Holding Corporation of India Ltd., Clearing Corporation of India Ltd., designated post offices, and Stock exchanges. The tenor of the SGB will be for a period of 8 years 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/govt-announces-series-i-and-ii-of-sovereign-gold-bond-scheme-2022-23/ Powered by Jetpack

posted: "The Central Board of Direct Taxes (CBDT) has notified a new Rule 21AIA prescribing the "other conditions" required to be fulfilled by a specified fund referred to in section 10(4D) of the Income-tax Act. The specified fund is also required to certify that" Gupta Chandan & Associates CBDT prescribes 'other conditions' to be fulfilled by a specified fund referred to in Sec. 10(4D) Jun 17 The Central Board of Direct Taxes (CBDT) has notified a new Rule 21AIA prescribing the "other conditions" required to be fulfilled by a specified fund referred to in section 10(4D) of the Income-tax Act. The specified fund is also required to certify that it has fulfilled the conditions and furnish information in respect of units […] 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-prescribes-other-conditions-to-be-fulfilled-by-a-specified-fund-referred-to-in-sec-104d/ Powered by Jetpack

posted: "The Central Board of Indirect Taxes and Customs has notified the rate of exchange of conversion of the foreign currencies into Indian currency or vice versa, with effect from 17th June 2022, for import and export of goods.The Central Board of Indirect Tax" Gupta Chandan & Associates CBIC notified exchange rates effective from June 17th, 2022 Jun 17 The Central Board of Indirect Taxes and Customs has notified the rate of exchange of conversion of the foreign currencies into Indian currency or vice versa, with effect from 17th June 2022, for import and export of goods.The Central Board of Indirect Taxes and Customs has notified the rate of exchange of conversion of 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/cbic-notified-exchange-rates-effective-from-june-17th-2022/ Powered by Jetpack

posted: "On a review of the implementation of the e-mandate framework and the protection available to customers, the RBI has decided to increase the Additional Factor of Authentication (AFA limit from Rs.5,000/- to Rs.15,000/- per transaction. The e-mandate framew" Gupta Chandan & Associates RBI hikes e-mandate limits for recurring transactions from Rs. 5000 to Rs. 15000 per transaction Jun 17 On a review of the implementation of the e-mandate framework and the protection available to customers, the RBI has decided to increase the Additional Factor of Authentication (AFA limit from Rs.5,000/- to Rs.15,000/- per transaction. The e-mandate framework prescribes an AFA, inter alia, while processing the first transaction in case of e-mandates / standing instructions […] 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-hikes-e-mandate-limits-for-recurring-transactions-from-rs-5000-to-rs-15000-per-transaction/ Powered by Jetpack

posted: "The Central Board of Direct Taxes (CBDT) has exempted deduction of tax at source under section 194-I on payment of lease rent or supplemental lease rent made to a unit located in the International Financial Services Center (IFSC) for the lease of an aircr" Gupta Chandan & Associates No Sec. 194-I TDS on payment of rent to a unit located in IFSC for lease of aircraft: CBDT Jun 17 The Central Board of Direct Taxes (CBDT) has exempted deduction of tax at source under section 194-I on payment of lease rent or supplemental lease rent made to a unit located in the International Financial Services Center (IFSC) for the lease of an aircraft. The exemption is available subject to the fulfillment of certain conditions.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/no-sec-194-i-tds-on-payment-of-rent-to-a-unit-located-in-ifsc-for-lease-of-aircraft-cbdt/ Powered by Jetpack

posted: "INCOME TAX: Where writ petition filed by assessee against assessment order had been dismissed on ground that there was no violation of principles of natural justice, since dismissal of writ petition was not on merits of assessment, Principal Commissioner " Gupta Chandan & Associates Sec. 264 revision can't be rejected if dismissal of writ petition against order wasn't on merits of assessment: HC Jun 17 INCOME TAX: Where writ petition filed by assessee against assessment order had been dismissed on ground that there was no violation of principles of natural justice, since dismissal of writ petition was not on merits of assessment, Principal Commissioner committed an error in rejecting revision petition on ground that assessee had already filed writ petition […] 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/sec-264-revision-cant-be-rejected-if-dismissal-of-writ-petition-against-order-wasnt-on-merits-of-assessment-hc/ Powered by Jetpack