Daily digest for Gupta Chandan & Associates, on June 28, 2022

posted: "INCOME TAX : Ad hoc disallowance of freight charges was not justified where it was not case of revenue that any part of expenditure was either bogus or fictitiousINCOME TAX : Ad hoc disallowance of freight charges was not justified where it was not case o" Gupta Chandan & Associates AO can't make ad hoc disallowance without bringing on record that freight charges were bogus or fictitious: ITAT Jun 28 INCOME TAX : Ad hoc disallowance of freight charges was not justified where it was not case of revenue that any part of expenditure was either bogus or fictitiousINCOME TAX : Ad hoc disallowance of freight charges was not justified where it was not case of revenue that any part of expenditure was either bogus […] 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/ao-cant-make-ad-hoc-disallowance-without-bringing-on-record-that-freight-charges-were-bogus-or-fictitious-itat/ Powered by Jetpack

posted: "The Central Board of Direct Taxes (CBDT) has notified the 'Seventy Second Investment Company LLC', as sovereign wealth fund for the purpose of section 10(23FE) exemption. Any income in the nature of dividend, interest, or long-term capital gain arising fr" Gupta Chandan & Associates CBDT notifies 'Seventy Second Investment Company LLC' as sovereign wealth fund for Sec. 10(23FE) exemption Jun 28 The Central Board of Direct Taxes (CBDT) has notified the 'Seventy Second Investment Company LLC', as sovereign wealth fund for the purpose of section 10(23FE) exemption. Any income in the nature of dividend, interest, or long-term capital gain arising from an investment made by it on or after 27-06-2022 but on or before 31-03-2024 shall […] 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-seventy-second-investment-company-llc-as-sovereign-wealth-fund-for-sec-1023fe-exemption/ Powered by Jetpack

posted: "INCOME TAX : Where assessee club for past 12 years had been receiving entrance fee and had been treating same as its capital receipt, and all these years, stand of assessee had been accepted by revenue, without bringing on record any material change in fa" Gupta Chandan & Associates Club's entrance fees held as capital receipts in past years can't be treated revenue receipts without change in facts: ITAT Jun 28 INCOME TAX : Where assessee club for past 12 years had been receiving entrance fee and had been treating same as its capital receipt, and all these years, stand of assessee had been accepted by revenue, without bringing on record any material change in facts from previous years, Principal Commissioner had erred in facts and […] 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/clubs-entrance-fees-held-as-capital-receipts-in-past-years-cant-be-treated-revenue-receipts-without-change-in-facts-itat/ Powered by Jetpack

posted: "The DGFT has issued policy circular to clarify that Microprocessors and memory modules are excluded from Chip Import Monitoring System (CHIMS).The DGFT has issued policy circular to clarify that Microprocessors and memory modules are excluded from Chip Im" Gupta Chandan & Associates Microprocessors and memory modules are excluded from CHIMS: Policy Circular Jun 28 The DGFT has issued policy circular to clarify that Microprocessors and memory modules are excluded from Chip Import Monitoring System (CHIMS).The DGFT has issued policy circular to clarify that Microprocessors and memory modules are excluded from Chip Import Monitoring System (CHIMS).taxmann.com Latest Statutory HappeningsRead More 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/microprocessors-and-memory-modules-are-excluded-from-chims-policy-circular/ Powered by Jetpack