Daily digest for Gupta Chandan & Associates, on June 24, 2022

posted: "INCOME TAX : Where pursuant to search conducted on third party 'K', certain documents were seized, where name of assessee was mentioned evidencing sale of gold made by assessee to 'K' and remittances received by assessee from 'K', addition of entire sale " Gupta Chandan & Associates Cost of purchase to be reduced while computing profit from undisclosed sales disclosed during search on third party: ITAT Jun 24 INCOME TAX : Where pursuant to search conducted on third party 'K', certain documents were seized, where name of assessee was mentioned evidencing sale of gold made by assessee to 'K' and remittances received by assessee from 'K', addition of entire sale amount in hands of assessee could not be held to be valid as […] 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/cost-of-purchase-to-be-reduced-while-computing-profit-from-undisclosed-sales-disclosed-during-search-on-third-party-itat/ Powered by Jetpack

posted: "The RBI has doubled the limit on home loans issued by urban cooperative banks (UCB). Now tier-I UCBs can issue individual housing loans of up to Rs 60 lakh while tier-II UCBs are allowed to offer loans of up to Rs 1.4 crore. The revision in lending limits" Gupta Chandan & Associates RBI doubles the limit on home loans issued by Urban Cooperative Banks to eligible borrowers Jun 24 The RBI has doubled the limit on home loans issued by urban cooperative banks (UCB). Now tier-I UCBs can issue individual housing loans of up to Rs 60 lakh while tier-II UCBs are allowed to offer loans of up to Rs 1.4 crore. The revision in lending limits for UCBs was last done in 2011. […] 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-doubles-the-limit-on-home-loans-issued-by-urban-cooperative-banks-to-eligible-borrowers/ Powered by Jetpack

posted: "The RBI has released draft Master Direction on Outsourcing of IT Services. The underlying principle of the Directions is that the Regulated Entities (REs) should ensure that outsourcing arrangements neither diminish its ability to fulfil its obligations t" Gupta Chandan & Associates RBI issues draft Master Directions on outsourcing of Information Technology (IT) Services Jun 24 The RBI has released draft Master Direction on Outsourcing of IT Services. The underlying principle of the Directions is that the Regulated Entities (REs) should ensure that outsourcing arrangements neither diminish its ability to fulfil its obligations to customers nor impede effective supervision by the supervising authority. REs desirous of outsourcing of IT and IT […] 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-issues-draft-master-directions-on-outsourcing-of-information-technology-it-services/ Powered by Jetpack

posted: "INCOME TAX : Where AO during search found evidence of client code modifications done by assessee and its sister concerns which were not for genuine reasons and, accordingly, made addition on account of such client code modification, however, it was found " Gupta Chandan & Associates No additions if client code modifications done by Stock Exchange member were within permissible SEBI limit: ITAT Jun 24 INCOME TAX : Where AO during search found evidence of client code modifications done by assessee and its sister concerns which were not for genuine reasons and, accordingly, made addition on account of such client code modification, however, it was found that transactions on account of client code modifications done by group concerns were not […] 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-additions-if-client-code-modifications-done-by-stock-exchange-member-were-within-permissible-sebi-limit-itat/ Powered by Jetpack

posted: "INCOME TAX : Generation of electricity by windmill should be equated to term 'manufacturing or production of article or thing, and, therefore, assessee was entitled to claim additional depreciation on windmill installed as per provision of section 32(1)(i" Gupta Chandan & Associates Assessee eligible to claim additional dep. on windmill installed for generation of electricity: HC Jun 24 INCOME TAX : Generation of electricity by windmill should be equated to term 'manufacturing or production of article or thing, and, therefore, assessee was entitled to claim additional depreciation on windmill installed as per provision of section 32(1)(iia)INCOME TAX : Generation of electricity by windmill should be equated to term 'manufacturing or production of article […] 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/assessee-eligible-to-claim-additional-dep-on-windmill-installed-for-generation-of-electricity-hc/ Powered by Jetpack