Daily digest for Gupta Chandan & Associates, on July 19, 2022

posted: "INCOME TAX : Where founder trustee of assessee-trust was holding only 0.83 per cent of aggregate paid-up ordinary share capital of TSL, which was much less than threshold requirement of provision of Explanation-3 to section 13, founder trustee of assessee" Gupta Chandan & Associates No violation of sec. 13 if trustee of 'Tata Trust' holding only 0.83% of shares of 'Tata Sons Ltd.': Mumbai ITAT Jul 19 INCOME TAX : Where founder trustee of assessee-trust was holding only 0.83 per cent of aggregate paid-up ordinary share capital of TSL, which was much less than threshold requirement of provision of Explanation-3 to section 13, founder trustee of assessee could not be held to be having 'substantial interest' in TSL and thus could 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-violation-of-sec-13-if-trustee-of-tata-trust-holding-only-0-83-of-shares-of-tata-sons-ltd-mumbai-itat/ Powered by Jetpack

posted: "INCOME TAX : Where a reopening notice was served upon assessee for treating purchase of shares by assessee as its unexplained investment by affixing it at an address at which assessee was not residing and said fact was well within knowledge of AO as it wa" Gupta Chandan & Associates Notice served by affixing at address not valid if it was intimated to AO that assessee wasn't available at that address Jul 19 INCOME TAX : Where a reopening notice was served upon assessee for treating purchase of shares by assessee as its unexplained investment by affixing it at an address at which assessee was not residing and said fact was well within knowledge of AO as it was intimated to him by notice server that notice 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/notice-served-by-affixing-at-address-not-valid-if-it-was-intimated-to-ao-that-assessee-wasnt-available-at-that-address/ Powered by Jetpack

posted: "INCOME TAX : Even if appeal against revision order passed under section 263 was pending before Tribunal, Assessing Authority could complete assessment proceedings pursuant to findings given by revisional authority in said order passed under section 263, h" Gupta Chandan & Associates Assessment can be completed without issuing demand notice if appeal against Sec. 263 revision is pending before ITAT: HC Jul 19 INCOME TAX : Even if appeal against revision order passed under section 263 was pending before Tribunal, Assessing Authority could complete assessment proceedings pursuant to findings given by revisional authority in said order passed under section 263, however, no notice of demand should be made by Assessing Authority pursuant to such order till said appeal […] 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-can-be-completed-without-issuing-demand-notice-if-appeal-against-sec-263-revision-is-pending-before-itat-hc/ Powered by Jetpack

posted: "INCOME TAX : Once assessee invested long term capital gain on sale of immovable property in buying residential house either in India or outside India prior to 1-4-2015, assessee is entitled for section 54F exemptionINCOME TAX : Once assessee invested long" Gupta Chandan & Associates LTCG invested in buying residential house outside India was eligible for sec. 54F exemption prior to 1-4-2015 : ITAT Jul 19 INCOME TAX : Once assessee invested long term capital gain on sale of immovable property in buying residential house either in India or outside India prior to 1-4-2015, assessee is entitled for section 54F exemptionINCOME TAX : Once assessee invested long term capital gain on sale of immovable property in buying residential house either in […] 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/ltcg-invested-in-buying-residential-house-outside-india-was-eligible-for-sec-54f-exemption-prior-to-1-4-2015-itat/ Powered by Jetpack

posted: "The DGFT had earlier issued notification to provide that IMC's approval shall be mandatory for export of Wheat Flour. Now, the procedure for submission of requests for seeking IMC's approval for export of Wheat Flour has been prescribed. In this regard, t" Gupta Chandan & Associates Procedure for seeking IMC's approval for export of Wheat Flour: Trade Notice Jul 19 The DGFT had earlier issued notification to provide that IMC's approval shall be mandatory for export of Wheat Flour. Now, the procedure for submission of requests for seeking IMC's approval for export of Wheat Flour has been prescribed. In this regard, trade notice has been issued.The DGFT had earlier issued notification to provide that IMC's […] 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/procedure-for-seeking-imcs-approval-for-export-of-wheat-flour-trade-notice/ Powered by Jetpack

posted: "RBI has directed the exclusion of Punjab and Maharashtra Co-operative Bank Limited from the second schedule of the RBI Act. All banks which are excluded from the Second Schedule to the RBI Act, 1934 ceases to be Scheduled BanksRBI has directed the exclusi" Gupta Chandan & Associates RBI excludes 'Punjab and Maharashtra Co-operative Bank Limited' from the Second Schedule of the RBI Act Jul 19 RBI has directed the exclusion of Punjab and Maharashtra Co-operative Bank Limited from the second schedule of the RBI Act. All banks which are excluded from the Second Schedule to the RBI Act, 1934 ceases to be Scheduled BanksRBI has directed the exclusion of Punjab and Maharashtra Co-operative Bank Limited from the second schedule 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/rbi-excludes-punjab-and-maharashtra-co-operative-bank-limited-from-the-second-schedule-of-the-rbi-act/ Powered by Jetpack