Daily digest for Gupta Chandan & Associates, on June 7, 2022

posted: "INCOME TAX : Where tax demand was raised upon assessee and its bank account was attached for recovery, since assessee instead of filing an application for stay of demand before appropriate authority straightaway filed writ petition for stay of recovery an" Gupta Chandan & Associates HC directs assessee to approach appropriate authority for grant of stay of demand Jun 7 INCOME TAX : Where tax demand was raised upon assessee and its bank account was attached for recovery, since assessee instead of filing an application for stay of demand before appropriate authority straightaway filed writ petition for stay of recovery and against said attachment order, stay was to be granted for two months within which […] 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-assessee-to-approach-appropriate-authority-for-grant-of-stay-of-demand/ Powered by Jetpack

posted: "INCOME TAX : Where assessee claimed additional depreciation for plant and machinery and Assessing Officer disallowed claim on ground that production had been started in current year, since assessee had made a claim of depreciation on strength of tax audit" Gupta Chandan & Associates Disallowance of claim of dep. could not give rise to any question of concealment of income: Gujarat HC Jun 7 INCOME TAX : Where assessee claimed additional depreciation for plant and machinery and Assessing Officer disallowed claim on ground that production had been started in current year, since assessee had made a claim of depreciation on strength of tax audit report, disallowance of claim of depreciation could not give rise to any question of concealment […] 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/disallowance-of-claim-of-dep-could-not-give-rise-to-any-question-of-concealment-of-income-gujarat-hc/ Powered by Jetpack

posted: "FEMA amp; BANKING : Where DRT issued proclamation for sale of mortgaged property and mortgagor challenged said order and deposited Rs. 1.25 crores before DRAT as a requirement of pre-deposit towards 25 per cent of its outstanding liability, which it asser" Gupta Chandan & Associates Liability of mortgagor is co-extensive with other mortgagors/guarantors; pre-deposit to be determined on total amount due: HC Jun 7 FEMA amp; BANKING : Where DRT issued proclamation for sale of mortgaged property and mortgagor challenged said order and deposited Rs. 1.25 crores before DRAT as a requirement of pre-deposit towards 25 per cent of its outstanding liability, which it asserted to be Rs. 5 crores,FEMA amp; BANKING : Where DRT issued proclamation for sale […] 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/liability-of-mortgagor-is-co-extensive-with-other-mortgagors-guarantors-pre-deposit-to-be-determined-on-total-amount-due-hc/ Powered by Jetpack

posted: "INCOME TAX : Where surplus funds parked by assessee a co-operative society by way of short-term deposit with co-operative bank were inextricably interlinked, or in fact interwoven with its business of providing credit facilities to its members, same would" Gupta Chandan & Associates Dividend income received by co-operative Society from a co-operative Bank eligible for sec. 80P deduction: ITAT Jun 7 INCOME TAX : Where surplus funds parked by assessee a co-operative society by way of short-term deposit with co-operative bank were inextricably interlinked, or in fact interwoven with its business of providing credit facilities to its members, same would duly be eligible for deduction under section 80P(2)(a)(i)INCOME TAX : Where surplus funds parked by assessee […] 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/dividend-income-received-by-co-operative-society-from-a-co-operative-bank-eligible-for-sec-80p-deduction-itat/ Powered by Jetpack

posted: "The Central Government has notified that clause (e), clause (f), and clause (g) of section 9A(3) shall not be applicable in the case of an eligible investment fund and its eligible fund manager if such fund manager is located in an IFSC. Further, the Govt" Gupta Chandan & Associates Govt. notifies Sec. 9A conditions not applicable for eligible investment fund amp; its manager located in an IFSC Jun 7 The Central Government has notified that clause (e), clause (f), and clause (g) of section 9A(3) shall not be applicable in the case of an eligible investment fund and its eligible fund manager if such fund manager is located in an IFSC. Further, the Govt. has modified the conditions referred to in clause (k) 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-sec-9a-conditions-not-applicable-for-eligible-investment-fund-amp-its-manager-located-in-an-ifsc/ Powered by Jetpack

posted: "Any typical investment in an entity requires certain rights and safeguard mechanisms by the investors for their investment.Any typical investment in an entity requires certain rights and safeguard mechanisms by the investors for their investment.taxmann.c" Gupta Chandan & Associates Shareholders Agreement Enforceability Conundrum Jun 7 Any typical investment in an entity requires certain rights and safeguard mechanisms by the investors for their investment.Any typical investment in an entity requires certain rights and safeguard mechanisms by the investors for their investment.taxmann.com Latest ArticlesRead 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/shareholders-agreement-enforceability-conundrum/ Powered by Jetpack

posted: "INCOME TAX : Where dacoity was committed by accused persons and certain amount was recovered from their possession which belonged to assessee but never disclosed by him to Income Tax Authority, department had remedy available under section 132A(1)(c) and " Gupta Chandan & Associates Dept. has power to take possession over assessee's assets which were never disclosed to tax authority: HC Jun 7 INCOME TAX : Where dacoity was committed by accused persons and certain amount was recovered from their possession which belonged to assessee but never disclosed by him to Income Tax Authority, department had remedy available under section 132A(1)(c) and had power to make requisition for taking over possession or control of such amount and,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/dept-has-power-to-take-possession-over-assessees-assets-which-were-never-disclosed-to-tax-authority-hc/ Powered by Jetpack

posted: "INCOME TAX : When provision for gratuity/leave encashment is done based on actuarial valuation, same cannot be held as an unascertained liability and cannot be added for purpose of computing book profits under section 115JBINCOME TAX : When provision for " Gupta Chandan & Associates AO can't reject a claim made during assessment merely because it wasn't claimed by filing revised ITR: ITAT Jun 7 INCOME TAX : When provision for gratuity/leave encashment is done based on actuarial valuation, same cannot be held as an unascertained liability and cannot be added for purpose of computing book profits under section 115JBINCOME TAX : When provision for gratuity/leave encashment is done based on actuarial valuation, same cannot be held as an unascertained […] 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-reject-a-claim-made-during-assessment-merely-because-it-wasnt-claimed-by-filing-revised-itr-itat/ Powered by Jetpack