Daily digest for Gupta Chandan & Associates, on June 18, 2022

posted: "EXCISE/ST/VAT : Where appellant filed bill of entry without IEC due to delay in granting IEC number by Government Department; confiscation of imported goods and redemption of fine was to be set asidEXCISE/ST/VAT : Where appellant filed bill of entry witho" Gupta Chandan & Associates IEC not mentioned on Bill of Entry due to delay in grant by Dept.; No confiscation of imported goods: CESTAT Jun 18 EXCISE/ST/VAT : Where appellant filed bill of entry without IEC due to delay in granting IEC number by Government Department; confiscation of imported goods and redemption of fine was to be set asidEXCISE/ST/VAT : Where appellant filed bill of entry without IEC due to delay in granting IEC number by Government Department; confiscation of imported […] 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/iec-not-mentioned-on-bill-of-entry-due-to-delay-in-grant-by-dept-no-confiscation-of-imported-goods-cestat/ Powered by Jetpack

posted: "INCOME TAX : Application of assessee for grant of approval under section 10(23C)(vi) had rightly been rejected as it was time barred and there is no statutory provision nor there is any power for Commissioner (Exemption) to condone delay after considering" Gupta Chandan & Associates CIT(E) has no power to condone delay in filing application for grant of approval under sec. 10(23C) : ITAT Jun 18 INCOME TAX : Application of assessee for grant of approval under section 10(23C)(vi) had rightly been rejected as it was time barred and there is no statutory provision nor there is any power for Commissioner (Exemption) to condone delay after considering reasonable reasonsINCOME TAX : Application of assessee for grant of approval under section 10(23C)(vi) […] 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/cite-has-no-power-to-condone-delay-in-filing-application-for-grant-of-approval-under-sec-1023c-itat/ Powered by Jetpack

posted: "The Government has notified Sovereign Gold Bond Scheme 2022-23. The Sovereign Gold Bonds will be issued in two tranches and period of subscription would be June 20-June 24, 2022 and August 22-August 26, 2022.The Government has notified Sovereign Gold Bond" Gupta Chandan & Associates Govt. notifies Sovereign Gold Bond Scheme 2022-23 Jun 18 The Government has notified Sovereign Gold Bond Scheme 2022-23. The Sovereign Gold Bonds will be issued in two tranches and period of subscription would be June 20-June 24, 2022 and August 22-August 26, 2022.The Government has notified Sovereign Gold Bond Scheme 2022-23. The Sovereign Gold Bonds will be issued in two tranches and period 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-notifies-sovereign-gold-bond-scheme-2022-23/ Powered by Jetpack

posted: "The Government has notified the National Financial Reporting Authority Amendment Rules, 2022. As per the amended rules in case of the contravention a maximum fine of Rs. 5,000 will be levied, and where the contravention is a continuing one, a further fine" Gupta Chandan & Associates Govt. amends NFRA Rules, 2022; prescribes a maximum penalty upto Rs. 5000 for any non-compliance of NFRA rules Jun 18 The Government has notified the National Financial Reporting Authority Amendment Rules, 2022. As per the amended rules in case of the contravention a maximum fine of Rs. 5,000 will be levied, and where the contravention is a continuing one, a further fine not exceeding Rs. 500 for every day after the first during which 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/govt-amends-nfra-rules-2022-prescribes-a-maximum-penalty-upto-rs-5000-for-any-non-compliance-of-nfra-rules/ Powered by Jetpack

posted: "The Central Government has designated the Court of Additional Special Judge, Anti-Corruption, Jammu and Srinagar as the Special Court under Section 26A of the Securities Contracts (Regulation) Act, 1956 and Section 22C of the Depositories Act, 1996 with t" Gupta Chandan & Associates Govt. designates the Court of Additional Special Judge, Jammu amp; Srinagar as the 'Special Court' under SCRA, 1956 Jun 18 The Central Government has designated the Court of Additional Special Judge, Anti-Corruption, Jammu and Srinagar as the Special Court under Section 26A of the Securities Contracts (Regulation) Act, 1956 and Section 22C of the Depositories Act, 1996 with the objective of exercising the jurisdiction in Jammu division and Kashmir division respectively in the Union territory […] 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-designates-the-court-of-additional-special-judge-jammu-amp-srinagar-as-the-special-court-under-scra-1956/ Powered by Jetpack

posted: "The Central Government has designated the Court of Sessions Judge, Leh and Kargil as the Special Courts under Section 26A of the Securities Contracts (Regulation) Act, 1956 and Section 22C of the Depositories Act, 1996 with the objective of exercising the" Gupta Chandan & Associates Govt. designates the Court of Sessions Judge, Leh and Kargil as the 'Special Courts' under SCRA, 1956 Jun 18 The Central Government has designated the Court of Sessions Judge, Leh and Kargil as the Special Courts under Section 26A of the Securities Contracts (Regulation) Act, 1956 and Section 22C of the Depositories Act, 1996 with the objective of exercising the jurisdiction in District Leh and District Kargil respectively in the Union territory of Ladakh.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/govt-designates-the-court-of-sessions-judge-leh-and-kargil-as-the-special-courts-under-scra-1956/ Powered by Jetpack

posted: "The CBDT has released data for its direct tax collections for the Financial Year 2022-23. The figures of Direct Tax collections for the Financial Year 2022-23, as on 16-06-2022, has shown an increase of 45% over the collections of the preceding year.The C" Gupta Chandan & Associates Net Direct Tax collections for FY 2022-23 grown at over 45% over collections of preceding year: CBDT Jun 18 The CBDT has released data for its direct tax collections for the Financial Year 2022-23. The figures of Direct Tax collections for the Financial Year 2022-23, as on 16-06-2022, has shown an increase of 45% over the collections of the preceding year.The CBDT has released data for its direct tax collections for the Financial Year […] 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/net-direct-tax-collections-for-fy-2022-23-grown-at-over-45-over-collections-of-preceding-year-cbdt/ Powered by Jetpack

posted: "Income Tax Department has carried out search and seizure operations on 15.06.2022 on a leading manufacturer and seller of Jamawar Shawls, Pashmina and Kashmiri Shawls. The search operation covered more than 15 premises spread across Srinagar, Anantnag and" Gupta Chandan & Associates Income-tax Dept. conducted search operation in Jamp;K and Delhi Jun 18 Income Tax Department has carried out search and seizure operations on 15.06.2022 on a leading manufacturer and seller of Jamawar Shawls, Pashmina and Kashmiri Shawls. The search operation covered more than 15 premises spread across Srinagar, Anantnag and Delhi. The search action has led to the seizure of unaccounted cash of more than Rs. 46 […] 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-dept-conducted-search-operation-in-jampk-and-delhi/ Powered by Jetpack

posted: "INCOME TAX : Where Assessing Officer made disallowance under section 40A(3) in respect of cash payments exceeding prescribed limit for buying Stock-in-trade from two companies, since assessee claimed that payment in cash was made out of business expedienc" Gupta Chandan & Associates Claim of business expediency for making cash payment to be verified by AO before making sec. 40A(3) disallowance : ITAT Jun 18 INCOME TAX : Where Assessing Officer made disallowance under section 40A(3) in respect of cash payments exceeding prescribed limit for buying Stock-in-trade from two companies, since assessee claimed that payment in cash was made out of business expediency and on insistence of seller, such claim of assessee was required to be verified by Assessing Officer […] 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/claim-of-business-expediency-for-making-cash-payment-to-be-verified-by-ao-before-making-sec-40a3-disallowance-itat/ Powered by Jetpack

posted: "The CBDT has extended the applicability of provisions of Rule 10TD(1) amp; Rule 10(2A) till Assessment Year 2022-23. Rule 10TD prescribes list of eligible international transactions where transfer price declared by the assessee shall be required to be acc" Gupta Chandan & Associates Applicability of TP Safe Harbour Rules extended till AY 2022-23: CBDT Jun 18 The CBDT has extended the applicability of provisions of Rule 10TD(1) amp; Rule 10(2A) till Assessment Year 2022-23. Rule 10TD prescribes list of eligible international transactions where transfer price declared by the assessee shall be required to be accepted by the Income-tax Authorities.The CBDT has extended the applicability of provisions of Rule 10TD(1) amp; Rule […] 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/applicability-of-tp-safe-harbour-rules-extended-till-ay-2022-23-cbdt/ Powered by Jetpack

posted: "194R income tax article - Part II.docxAs anticipated, the Apex body CBDT has come up with a Clarificatory Circular No. 12 of 2022 bearing folio no. 370142/27/2022-TPL, dated 16.6.2022, containing clarificatory guidelines in the form of 'Ten Question-Answe" Gupta Chandan & Associates An Explainer on CBDT Circular on TDS on Benefits or Perquisites u/s 194R Jun 18 194R income tax article - Part II.docxAs anticipated, the Apex body CBDT has come up with a Clarificatory Circular No. 12 of 2022 bearing folio no. 370142/27/2022-TPL, dated 16.6.2022, containing clarificatory guidelines in the form of 'Ten Question-Answers', on newly inserted provisions concerning applicability of TDS on Benefits or Perquisites, u/s 194R of the Income […] 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/an-explainer-on-cbdt-circular-on-tds-on-benefits-or-perquisites-u-s-194r/ Powered by Jetpack