Daily digest for Gupta Chandan & Associates, on June 6, 2022

posted: "INCOME TAX : Where bank account of assessee was attached and a notice to that effect was issued under section 226(3) and assessee submitted that pursuant to impugned notice, sum of Rs.34 lakhs had already been recovered by way of appropriation or withdraw" Gupta Chandan & Associates HC directed Deptt. to consider assessee's stay application as more than 20% of demand was recovered from seized bank Jun 6 INCOME TAX : Where bank account of assessee was attached and a notice to that effect was issued under section 226(3) and assessee submitted that pursuant to impugned notice, sum of Rs.34 lakhs had already been recovered by way of appropriation or withdrawal from bank in favour of Income tax Department and that itself was […] 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-directed-deptt-to-consider-assessees-stay-application-as-more-than-20-of-demand-was-recovered-from-seized-bank/ Powered by Jetpack

posted: "INCOME TAX : Where assessee-company, engaged in business of mining, production and generation of aluminium, generated power in its captive power plant (CPP) for internal consumption, profits derived from CPP was to be reduced from book profits of assessee" Gupta Chandan & Associates Profit derived from generation of power used for internal consumption can't be included in book profit for MAT: HC Jun 6 INCOME TAX : Where assessee-company, engaged in business of mining, production and generation of aluminium, generated power in its captive power plant (CPP) for internal consumption, profits derived from CPP was to be reduced from book profits of assessee for determining MAT payable under section 115JAINCOME TAX : Where assessee-company, engaged in business of mining, […] 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/profit-derived-from-generation-of-power-used-for-internal-consumption-cant-be-included-in-book-profit-for-mat-hc/ Powered by Jetpack

posted: "FEMA amp; BANKING : Where petitioner-directors of company 'D' were arrested for offence committed under PMLA and they had not co-operated in investigation, which was still going on, bail applications of petitioners were to be rejectedFEMA amp; BANKING : W" Gupta Chandan & Associates No bail to petitioner-directors who were arrested for money laundering and failed to cooperate in an investigation: HC Jun 6 FEMA amp; BANKING : Where petitioner-directors of company 'D' were arrested for offence committed under PMLA and they had not co-operated in investigation, which was still going on, bail applications of petitioners were to be rejectedFEMA amp; BANKING : Where petitioner-directors of company 'D' were arrested for offence committed under PMLA and they had 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-bail-to-petitioner-directors-who-were-arrested-for-money-laundering-and-failed-to-cooperate-in-an-investigation-hc/ Powered by Jetpack

posted: "INCOME TAX : Where assessee-trust had filed its return of income on 17-1-2017 and a notice under section 143(2) was issued on 20-9-2017, assessment proceedings was said to be commenced on date of filing of return and not when notice was issued, and since " Gupta Chandan & Associates Assessment proceedings start with filing of ITR; Sec. 11 relief available if registration granted after filing of ITR: ITAT Jun 6 INCOME TAX : Where assessee-trust had filed its return of income on 17-1-2017 and a notice under section 143(2) was issued on 20-9-2017, assessment proceedings was said to be commenced on date of filing of return and not when notice was issued, and since assessment proceeding for year under consideration was pending on date 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/assessment-proceedings-start-with-filing-of-itr-sec-11-relief-available-if-registration-granted-after-filing-of-itr-itat/ Powered by Jetpack