Daily digest for Gupta Chandan & Associates, on June 9, 2022

posted: "INCOME TAX : Where assessee produced complete books of account and no sales were found outside books of account and, in subsequent assessment years, Assessing Officer had passed order in respect of same business activities of assessee, which gave rise to " Gupta Chandan & Associates AO can't enhance GP margin of assessee without finding any sales/purchases not recorded in books of account: HC Jun 9 INCOME TAX : Where assessee produced complete books of account and no sales were found outside books of account and, in subsequent assessment years, Assessing Officer had passed order in respect of same business activities of assessee, which gave rise to net profit of 2.53 per cent and 2.99 per cent, additions to income 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/ao-cant-enhance-gp-margin-of-assessee-without-finding-any-sales-purchases-not-recorded-in-books-of-account-hc/ Powered by Jetpack

posted: "INCOME TAX : Where assessee co-operative society had received interest income from a co-operative bank which was registered under Co-operative Societies Act, 1912, said interest income was eligible for deduction under section 80P(2)(d)INCOME TAX : Where a" Gupta Chandan & Associates No sec. 263 revision if AO had taken a possible view while allowing sec. 80P deduction to co-operative society: ITAT Jun 9 INCOME TAX : Where assessee co-operative society had received interest income from a co-operative bank which was registered under Co-operative Societies Act, 1912, said interest income was eligible for deduction under section 80P(2)(d)INCOME TAX : Where assessee co-operative society had received interest income from a co-operative bank which was registered under Co-operative Societies Act, 1912, […] 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-sec-263-revision-if-ao-had-taken-a-possible-view-while-allowing-sec-80p-deduction-to-co-operative-society-itat/ Powered by Jetpack

posted: "INCOME TAX : Where no intimation under section 245 was given to assessee before making an adjustment of refund for relevant assessment year 2020-21 against demand of tax outstanding for earlier assessment years 2014-15, 2015-16, and 2016-17, impugned orde" Gupta Chandan & Associates AO can't adjust refund against outstanding tax demand without sending prior intimation to assessee: HC Jun 9 INCOME TAX : Where no intimation under section 245 was given to assessee before making an adjustment of refund for relevant assessment year 2020-21 against demand of tax outstanding for earlier assessment years 2014-15, 2015-16, and 2016-17, impugned order was to be set asideINCOME TAX : Where no intimation under section 245 was given to […] 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-adjust-refund-against-outstanding-tax-demand-without-sending-prior-intimation-to-assessee-hc/ Powered by Jetpack

posted: "The RBI has decided to allow financially sound and well managed (FSWM) Primary (Urban) Co-operative Banks (UCBs) to provide Doorstep Banking Services to their customers on a voluntary basis. However, Non-FSWM UCBs would have to seek prior approval of conc" Gupta Chandan & Associates RBI allows financially sound UCBs to provide doorstep banking services Jun 9 The RBI has decided to allow financially sound and well managed (FSWM) Primary (Urban) Co-operative Banks (UCBs) to provide Doorstep Banking Services to their customers on a voluntary basis. However, Non-FSWM UCBs would have to seek prior approval of concerned Regional Office of Department of Supervision of the Reserve Bank to provide Doorstep Banking Services. […] 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-allows-financially-sound-ucbs-to-provide-doorstep-banking-services/ Powered by Jetpack

posted: "INCOME TAX:Where due to contractual restrictions and liquidation damages/pre-payment charges, it was neither prudent for assessee-company to divert any part of borrowed funds for non-business purposes nor to make pre-payment of loan even if it had its own" Gupta Chandan & Associates HC allows deduction of interest as Co. can't divert borrowed funds for non-business purposes due to contractual restrictions Jun 9 INCOME TAX:Where due to contractual restrictions and liquidation damages/pre-payment charges, it was neither prudent for assessee-company to divert any part of borrowed funds for non-business purposes nor to make pre-payment of loan even if it had its own interest free funds, expenditure incurred towards payment of interest on borrowed funds was to be allowed 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/hc-allows-deduction-of-interest-as-co-cant-divert-borrowed-funds-for-non-business-purposes-due-to-contractual-restrictions/ Powered by Jetpack