Daily digest for Gupta Chandan & Associates, on July 1, 2022

posted: "COMPETITION LAW : Where apart from OP-NBFCs, there were multiple options in form of banks, which were available to consumers availing various types of loans in which OP was dealing, OP could not be said to be dominant and, therefore, prima facie no case o" Gupta Chandan & Associates Presence of several other NBFCs in the relevant market rules out abuse of dominant position by an OP: CCI Jul 1 COMPETITION LAW : Where apart from OP-NBFCs, there were multiple options in form of banks, which were available to consumers availing various types of loans in which OP was dealing, OP could not be said to be dominant and, therefore, prima facie no case of contravention of section 4 by OP was made outCOMPETITION LAW […] 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/presence-of-several-other-nbfcs-in-the-relevant-market-rules-out-abuse-of-dominant-position-by-an-op-cci/ Powered by Jetpack

posted: "The SEBI has amended regulation 31 of LODR which deals with Disclosure of holding of specified securities in Demat form. Accordingly, in the disclosure of public shareholding, names of the shareholders holding 1% or more than 1% of shares of the listed en" Gupta Chandan & Associates SEBI amends LODR norms w.r.t disclosure of holding of specified securities Jul 1 The SEBI has amended regulation 31 of LODR which deals with Disclosure of holding of specified securities in Demat form. Accordingly, in the disclosure of public shareholding, names of the shareholders holding 1% or more than 1% of shares of the listed entity is to be disclosed, names of the shareholders who are persons acting […] 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-amends-lodr-norms-w-r-t-disclosure-of-holding-of-specified-securities/ Powered by Jetpack

posted: "COMPETITION ACT : Merely having common directors/partners in participating firms may not, ipso facto, give rise to anti-competitive concerns, in absence of other material factors to indicate that such common relationship facilitated a few entities to come" Gupta Chandan & Associates Merely having common directors/partners may not ipso facto give rise to anti-competitive concerns: CCI Jul 1 COMPETITION ACT : Merely having common directors/partners in participating firms may not, ipso facto, give rise to anti-competitive concerns, in absence of other material factors to indicate that such common relationship facilitated a few entities to come together and manipulate bid process in a tender and reduce strategic uncertainty required in such processCOMPETITION ACT : […] 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/merely-having-common-directors-partners-may-not-ipso-facto-give-rise-to-anti-competitive-concerns-cci/ Powered by Jetpack

posted: "INCOME TAX : Where Assessing Officer had examined issue of applicability of section 56(2)(vii)(b) in respect of purchase of land, but had merely accepted valuation report furnished by assessee without adhering to provision of section 50C and completed ass" Gupta Chandan & Associates Sec. 263 revision justified as AO accepted assessee's valuation report without adhering to provision of sec. 50C: ITAT Jul 1 INCOME TAX : Where Assessing Officer had examined issue of applicability of section 56(2)(vii)(b) in respect of purchase of land, but had merely accepted valuation report furnished by assessee without adhering to provision of section 50C and completed assessment under section 143(3), Commissioner was justified in assuming jurisdiction under section 263 by setting aside impugned […] 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/sec-263-revision-justified-as-ao-accepted-assessees-valuation-report-without-adhering-to-provision-of-sec-50c-itat/ Powered by Jetpack

posted: "For the Financial year, 2022-23, the Special Additional Excise Duty shall not apply to such quantity that is produced by a person immediately after exceeding his production of crude petroleum oil during the Financial Year 2021-22. In this regard, notifica" Gupta Chandan & Associates No Special Additional Excise Duty on Crude Petroleum produced after exceeding production of FY 2021-22: Notification Jul 1 For the Financial year, 2022-23, the Special Additional Excise Duty shall not apply to such quantity that is produced by a person immediately after exceeding his production of crude petroleum oil during the Financial Year 2021-22. In this regard, notification has been issued.For the Financial year, 2022-23, the Special Additional Excise Duty shall not apply […] 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-special-additional-excise-duty-on-crude-petroleum-produced-after-exceeding-production-of-fy-2021-22-notification/ Powered by Jetpack

posted: "The SEBI has modified the 'Cyber Security and Cyber Resilience framework for Stock Brokers / Depository Participants', accordingly, now all Cyber-attacks, threats, cyber-incidents and breaches experienced by Stock Brokers / Depositories shall be reported " Gupta Chandan & Associates SEBI modifies 'Cyber Security and Cyber Resilience framework' for Stock Brokers to mitigate vulnerability and threats Jul 1 The SEBI has modified the 'Cyber Security and Cyber Resilience framework for Stock Brokers / Depository Participants', accordingly, now all Cyber-attacks, threats, cyber-incidents and breaches experienced by Stock Brokers / Depositories shall be reported to STXs / Depositories and SEBI within 6 hours of noticing / detecting such incidents. The quarterly reports containing information on […] 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-modifies-cyber-security-and-cyber-resilience-framework-for-stock-brokers-to-mitigate-vulnerability-and-threats/ Powered by Jetpack

posted: "The CBIC has issued SOPs for simplified regulatory framework for e-commerce exports of jewellery through courier. In this regard, a Circular has been issued.The CBIC has issued SOPs for simplified regulatory framework for e-commerce exports of jewellery t" Gupta Chandan & Associates CBIC issued SOPs for simplified regulatory framework for e-commerce exports of jewellery through courier: Circular Jul 1 The CBIC has issued SOPs for simplified regulatory framework for e-commerce exports of jewellery through courier. In this regard, a Circular has been issued.The CBIC has issued SOPs for simplified regulatory framework for e-commerce exports of jewellery through courier. In this regard, a Circular has been issued.taxmann.com Latest Statutory HappeningsRead 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/cbic-issued-sops-for-simplified-regulatory-framework-for-e-commerce-exports-of-jewellery-through-courier-circular/ Powered by Jetpack

posted: "The Central Board of Direct Taxes (CBDT) has specified the scope of the non-fungible token (NFT) to be treated as a Virtual Digital Asset (VDA) under section 2(47A). It has been provided that an NFT, whose transfer results in the transfer of ownership of " Gupta Chandan & Associates NFT whose transfer results in a transfer of ownership of an underlying tangible asset isn't VDA: CBDT Jul 1 The Central Board of Direct Taxes (CBDT) has specified the scope of the non-fungible token (NFT) to be treated as a Virtual Digital Asset (VDA) under section 2(47A). It has been provided that an NFT, whose transfer results in the transfer of ownership of the underlying tangible asset and the transfer of ownership of such […] 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/nft-whose-transfer-results-in-a-transfer-of-ownership-of-an-underlying-tangible-asset-isnt-vda-cbdt/ Powered by Jetpack

posted: "The SEBI has received representation from Depositories for the extension of circular no. SEBI/HO/MIRSD/DoP/P/CIR/2022/44 dated 04.04.2022 w.r.t guidelines for execution of 'Demat Debit and Pledge Instruction' for transfer of securities towards deliveries " Gupta Chandan & Associates SEBI extends implementation of guidelines on 'Pledging and Re-pledging of Stocks for Margin Purposes' till 01.09.2022 Jul 1 The SEBI has received representation from Depositories for the extension of circular no. SEBI/HO/MIRSD/DoP/P/CIR/2022/44 dated 04.04.2022 w.r.t guidelines for execution of 'Demat Debit and Pledge Instruction' for transfer of securities towards deliveries / settlement obligations and pledging / re-pledging of securities. Accordingly, SEBI has decided to extend the implementation date of the aforesaid circular 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/sebi-extends-implementation-of-guidelines-on-pledging-and-re-pledging-of-stocks-for-margin-purposes-till-01-09-2022/ Powered by Jetpack

posted: "The Central Board of Direct Taxes (CBDT) has notified that gift cards or vouchers that may be used to obtain discounts, reward/loyalty points, and subscriptions to websites/application shall be excluded from the definition of the virtual digital asset.The" Gupta Chandan & Associates Gift vouchers, rewards points and website subscription is excluded from definition of VDA: CBDT Jul 1 The Central Board of Direct Taxes (CBDT) has notified that gift cards or vouchers that may be used to obtain discounts, reward/loyalty points, and subscriptions to websites/application shall be excluded from the definition of the virtual digital asset.The Central Board of Direct Taxes (CBDT) has notified that gift cards or vouchers that may be used […] 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/gift-vouchers-rewards-points-and-website-subscription-is-excluded-from-definition-of-vda-cbdt/ Powered by Jetpack

posted: "The Interest rate of various small saving schemes for the second quarter shall remain unchanged from the current rate applicable for the first quarter of the Financial Year 2022-23.The Interest rate of various small saving schemes for the second quarter s" Gupta Chandan & Associates Govt. keeps interest rates of small saving schemes unchanged for second quarter of FY 2022-23 Jul 1 The Interest rate of various small saving schemes for the second quarter shall remain unchanged from the current rate applicable for the first quarter of the Financial Year 2022-23.The Interest rate of various small saving schemes for the second quarter shall remain unchanged from the current rate applicable for the first quarter of the Financial […] 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-keeps-interest-rates-of-small-saving-schemes-unchanged-for-second-quarter-of-fy-2022-23/ Powered by Jetpack

posted: "The CBIC has issued several exemption notifications under Excise Laws to provide exemptions related to Air Turbine Fuel, Crude Petroleum, Motor Spirit and High Speed Diesel.The CBIC has issued several exemption notifications under Excise Laws to provide e" Gupta Chandan & Associates CBIC issued several exemption notifications under Excise Laws Jul 1 The CBIC has issued several exemption notifications under Excise Laws to provide exemptions related to Air Turbine Fuel, Crude Petroleum, Motor Spirit and High Speed Diesel.The CBIC has issued several exemption notifications under Excise Laws to provide exemptions related to Air Turbine Fuel, Crude Petroleum, Motor Spirit and High Speed Diesel.taxmann.com NewsRead 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/cbic-issued-several-exemption-notifications-under-excise-laws/ Powered by Jetpack

posted: "CBIC has issued notification to further extend the transitional provisions of Sea Cargo Manifest and Transhipment Regulations (SCMTR), 2018, till 31st December 2022 to enable submission of manifests under erstwhile regulations and to enable carriers conti" Gupta Chandan & Associates Transitional provisions under SCMTR Regulation 15(2) further extended till 31st Dec. 2022 to enable submission of manifests under erstwhile regulation Jul 1 CBIC has issued notification to further extend the transitional provisions of Sea Cargo Manifest and Transhipment Regulations (SCMTR), 2018, till 31st December 2022 to enable submission of manifests under erstwhile regulations and to enable carriers continue mandatory filing on parallel basis.CBIC has issued notification to further extend the transitional provisions of Sea Cargo Manifest and […] 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/transitional-provisions-under-scmtr-regulation-152-further-extended-till-31st-dec-2022-to-enable-submission-of-manifests-under-erstwhile-regulation/ Powered by Jetpack

posted: "The CBIC has issued conditions amp; restrictions for re-import of returned jewellery exported through the courier mode on e-commerce platforms. In this regard, amendment has been introduced in Courier Imports and Exports (Electronic Declaration and Proces" Gupta Chandan & Associates CBIC issues conditions amp; restrictions for re-import of returned jewellery exported through the courier mode on e-commerce platform Jul 1 The CBIC has issued conditions amp; restrictions for re-import of returned jewellery exported through the courier mode on e-commerce platforms. In this regard, amendment has been introduced in Courier Imports and Exports (Electronic Declaration and Processing) Regulations, 2010.The CBIC has issued conditions amp; restrictions for re-import of returned jewellery exported through the courier mode on […] 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-issues-conditions-amp-restrictions-for-re-import-of-returned-jewellery-exported-through-the-courier-mode-on-e-commerce-platform/ Powered by Jetpack

posted: "The DGFT has issued trade notice to inform that existing e-BRC portal/website is upgraded to new IT platform. The old existing platform is proposed to be discontinued from end of July 2022.The DGFT has issued trade notice to inform that existing e-BRC por" Gupta Chandan & Associates Existing e-BRC portal/website is upgraded to new IT platform: Trade Notice Jul 1 The DGFT has issued trade notice to inform that existing e-BRC portal/website is upgraded to new IT platform. The old existing platform is proposed to be discontinued from end of July 2022.The DGFT has issued trade notice to inform that existing e-BRC portal/website is upgraded to new IT platform. The old existing platform is proposed […] 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/existing-e-brc-portal-website-is-upgraded-to-new-it-platform-trade-notice/ Powered by Jetpack

posted: "The CBIC has issued notification to exempt the levy of Additional Customs Duty on import of Petroleum, Crude and Aviation Turbine Fuel.The CBIC has issued notification to exempt the levy of Additional Customs Duty on import of Petroleum, Crude and Aviatio" Gupta Chandan & Associates CBIC exempts Additional Customs Duty on import of Petroleum, Crude and Aviation Turbine Fuel Jul 1 The CBIC has issued notification to exempt the levy of Additional Customs Duty on import of Petroleum, Crude and Aviation Turbine Fuel.The CBIC has issued notification to exempt the levy of Additional Customs Duty on import of Petroleum, Crude and Aviation Turbine Fuel.taxmann.com Latest Statutory HappeningsRead 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/cbic-exempts-additional-customs-duty-on-import-of-petroleum-crude-and-aviation-turbine-fuel/ Powered by Jetpack

posted: "The CBDT has notified Form 26QF for filing of TDS statement by 'Exchange' in respect of tax deposited on transfer of virtual digital asset under section 194S. Form 26QF to be furnished on quarterly basis.The CBDT has notified Form 26QF for filing of TDS s" Gupta Chandan & Associates CBDT notifies Form 26QF for filing of statement of tax deposited u/s 194S by 'Exchange' Jul 1 The CBDT has notified Form 26QF for filing of TDS statement by 'Exchange' in respect of tax deposited on transfer of virtual digital asset under section 194S. Form 26QF to be furnished on quarterly basis.The CBDT has notified Form 26QF for filing of TDS statement by 'Exchange' in respect of tax deposited on transfer 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/cbdt-notifies-form-26qf-for-filing-of-statement-of-tax-deposited-u-s-194s-by-exchange/ Powered by Jetpack

posted: "INCOME TAX : In view of definition of warehouse prescribed in Madhya Pradesh Agricultural Warehouse Act, 1947 CAP storage is a warehouse and, thus, income from letting of CAP storage is eligible for deduction under section 80PINCOME TAX : In view of defin" Gupta Chandan & Associates CAP storage falls in definition of warehouse; income from letting of CAP storage is eligible for sec. 80P relief: ITAT Jul 1 INCOME TAX : In view of definition of warehouse prescribed in Madhya Pradesh Agricultural Warehouse Act, 1947 CAP storage is a warehouse and, thus, income from letting of CAP storage is eligible for deduction under section 80PINCOME TAX : In view of definition of warehouse prescribed in Madhya Pradesh Agricultural Warehouse Act, 1947 CAP storage […] 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/cap-storage-falls-in-definition-of-warehouse-income-from-letting-of-cap-storage-is-eligible-for-sec-80p-relief-itat/ Powered by Jetpack