Daily digest for Gupta Chandan & Associates, on June 3, 2022

posted: "INCOME TAX : Where pursuant to search conducted in case of assessee under section 132, title deeds were seized by Income-tax Officers and except statement filed that Principal Commissioner approved continued retention of books of account and other documen" Gupta Chandan & Associates HC directs release docs. seized during search as there was no order permitting AO to retain them beyond 30 days Jun 3 INCOME TAX : Where pursuant to search conducted in case of assessee under section 132, title deeds were seized by Income-tax Officers and except statement filed that Principal Commissioner approved continued retention of books of account and other documents from time-to-time, there was nothing produced to substantiate that orders were issued permitting continued retention;INCOME TAX […] 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/hc-directs-release-docs-seized-during-search-as-there-was-no-order-permitting-ao-to-retain-them-beyond-30-days/ Powered by Jetpack

posted: "INCOME TAX : Where Commissioner invoked his revisionary powers under section 263 based on documents seized during search operation conducted on assessee-company and made additions into its income on account of suppression of sales and excess of depreciati" Gupta Chandan & Associates ITAT can't quash sec. 263 revision by merely accepting assessee's contention without assigning sufficient reason Jun 3 INCOME TAX : Where Commissioner invoked his revisionary powers under section 263 based on documents seized during search operation conducted on assessee-company and made additions into its income on account of suppression of sales and excess of depreciation on lorries, since Tribunal without any sufficient reason quashed Commissioner's order by merely accepting assessee's contention that […] 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/itat-cant-quash-sec-263-revision-by-merely-accepting-assessees-contention-without-assigning-sufficient-reason/ Powered by Jetpack

posted: "INCOME TAX : Where assessee, engaged in development of infrastructural facilities, had not made a claim under section 80-IA in its return of income and raised claim for first time in revision application filed under section 264, by virtue of section 80A(5" Gupta Chandan & Associates Assessee can't claim sec. 80-IA deduction for first time by filing revision application u/s 264: HC Jun 3 INCOME TAX : Where assessee, engaged in development of infrastructural facilities, had not made a claim under section 80-IA in its return of income and raised claim for first time in revision application filed under section 264, by virtue of section 80A(5), said claim could not be grantedINCOME TAX : Where assessee, engaged in development […] 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-cant-claim-sec-80-ia-deduction-for-first-time-by-filing-revision-application-u-s-264-hc/ Powered by Jetpack

posted: "The Central Government, after consultation with the Unique Identification Authority of India established under section 11(1) of the Aadhaar Act and the Reserve Bank of India, has permitted 14 reporting entities to perform authentication under the Aadhaar " Gupta Chandan & Associates Govt. permits 14 reporting entities to perform authentication under Aadhaar Act for verification of identity u/s 11A of PMLA Jun 3 The Central Government, after consultation with the Unique Identification Authority of India established under section 11(1) of the Aadhaar Act and the Reserve Bank of India, has permitted 14 reporting entities to perform authentication under the Aadhaar Act for the purposes of section 11A of the Money-laundering Act. Reporting entities include 'One Mobikwik System Limited.', […] 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-permits-14-reporting-entities-to-perform-authentication-under-aadhaar-act-for-verification-of-identity-u-s-11a-of-pmla/ 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 3rd June 2022, for import and export of goods.The Central Board of Indirect Taxe" Gupta Chandan & Associates CBIC notified exchange rates effective from June 3rd, 2022 Jun 3 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 3rd 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-3rd-2022/ Powered by Jetpack

posted: "In order to further streamline the process of providing approval to the proposed change in control of a Portfolio Manager, the SEBI has modified the procedure for seeking prior approval. Consequently, an online application shall be made by Portfolio Manag" Gupta Chandan & Associates SEBI simplifies process for seeking prior approval for change in control of Portfolio Managers via intermediary portal Jun 3 In order to further streamline the process of providing approval to the proposed change in control of a Portfolio Manager, the SEBI has modified the procedure for seeking prior approval. Consequently, an online application shall be made by Portfolio Manager to SEBI for prior approval through the SEBI Intermediary Portal. The prior approval granted by […] 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/sebi-simplifies-process-for-seeking-prior-approval-for-change-in-control-of-portfolio-managers-via-intermediary-portal/ Powered by Jetpack

posted: "INCOME TAX : Where allotment of plot of land on lease to assessee for 30 years was cancelled and assessee received compensation for same, compensation so received was for transfer of profit-making apparatus of assessee and same would be considered as capi" Gupta Chandan & Associates Compensation received on cancellation of long-term lease granted to assessee to be treated as capital receipt: ITAT Jun 3 INCOME TAX : Where allotment of plot of land on lease to assessee for 30 years was cancelled and assessee received compensation for same, compensation so received was for transfer of profit-making apparatus of assessee and same would be considered as capital receipt and not as revenue receiptINCOME TAX : Where allotment of plot 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/compensation-received-on-cancellation-of-long-term-lease-granted-to-assessee-to-be-treated-as-capital-receipt-itat/ Powered by Jetpack