Daily digest for Gupta Chandan & Associates, on July 11, 2022

posted: "INCOME TAX : Where assessee, engaged in real estate construction, borrowed funds for project undertaken by it which constituted its stock-in-trade and not capital assets, interest expenditure on said borrowed funds was to be allowed in year it was incurre" Gupta Chandan & Associates Interest paid by developer on funds invested in stock-in-trade to be allowed in year it was incurred: ITAT Jul 11 INCOME TAX : Where assessee, engaged in real estate construction, borrowed funds for project undertaken by it which constituted its stock-in-trade and not capital assets, interest expenditure on said borrowed funds was to be allowed in year it was incurred irrespective of fact that assessee followed percentage completion method for revenue recognitionINCOME TAX : Where […] 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/interest-paid-by-developer-on-funds-invested-in-stock-in-trade-to-be-allowed-in-year-it-was-incurred-itat/ Powered by Jetpack

posted: "INCOME TAX : Where assessee provided testing services and it made arrangement with sample collection centres (TSPs) for collection of samples and forwarding same to assessee and assessee raised invoices on TSPs and they made payment to assessee as assesse" Gupta Chandan & Associates No sec. 194H TDS if assessee is remunerated at agreed rate by Thyrocare Services Providers to do testing services: ITAT Jul 11 INCOME TAX : Where assessee provided testing services and it made arrangement with sample collection centres (TSPs) for collection of samples and forwarding same to assessee and assessee raised invoices on TSPs and they made payment to assessee as assessee was recipient of amount for providing testing services,INCOME TAX : Where assessee provided testing 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/no-sec-194h-tds-if-assessee-is-remunerated-at-agreed-rate-by-thyrocare-services-providers-to-do-testing-services-itat/ Powered by Jetpack

posted: "Section 47(viiad) provides that any transfer by an investor of a capital asset held in the original fund in resultant fund shall not be considered as a transfer. The CBDT has notified conditions to be fulfilled by orginal fund. It has been notified that i" Gupta Chandan & Associates CBDT notifies 'other condition' to be fulfilled by 'original fund' claiming benefit of Sec. 47(viiad) Jul 11 Section 47(viiad) provides that any transfer by an investor of a capital asset held in the original fund in resultant fund shall not be considered as a transfer. The CBDT has notified conditions to be fulfilled by orginal fund. It has been notified that in case a capital asset is transferred to Category III AIF, […] 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-other-condition-to-be-fulfilled-by-original-fund-claiming-benefit-of-sec-47viiad/ Powered by Jetpack

posted: "The Income-tax Department has carried out search and seizure operations on a group engaged in the business of manufacturing and distribution of Pharmaceutical medicines and Real Estate Development. The group was involved in huge unaccounted sales of pharm" Gupta Chandan & Associates Tax Dept. conducted search operation on Pharmaceutical Manufacturers amp; Distributors in Haryana and Delhi-NCR Jul 11 The Income-tax Department has carried out search and seizure operations on a group engaged in the business of manufacturing and distribution of Pharmaceutical medicines and Real Estate Development. The group was involved in huge unaccounted sales of pharmaceutical medicines in cash. Large amount of purchases, payments of wages and other expenses were also found 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/tax-dept-conducted-search-operation-on-pharmaceutical-manufacturers-amp-distributors-in-haryana-and-delhi-ncr/ Powered by Jetpack

posted: "The RBI has decided to permit banks to settle all eligible current account transactions including trade transactions with Sri Lanka in any permitted currency outside the ACU mechanism until further notice. The Asian Clearing Union, or ACU, is a payment ar" Gupta Chandan & Associates RBI permits banks to settle Sri Lankan trade in currency outside the ACU mechanism Jul 11 The RBI has decided to permit banks to settle all eligible current account transactions including trade transactions with Sri Lanka in any permitted currency outside the ACU mechanism until further notice. The Asian Clearing Union, or ACU, is a payment arrangement between the central banks of Bangladesh, Bhutan, India, Iran, Maldives, Myanmar, Nepal, Pakistan, 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/rbi-permits-banks-to-settle-sri-lankan-trade-in-currency-outside-the-acu-mechanism/ Powered by Jetpack

posted: "The SEBI has floated consultation paper on applicability of SEBI (PIT), Regulations,2015 to Mutual Fund (MF) units. SEBI has considered to include a separate chapter in PIT Regulations to cover transactions in units of MF schemes. SEBI has proposed to ame" Gupta Chandan & Associates SEBI proposes to extend applicability of insider trading norms to the units of Mutual Funds Jul 11 The SEBI has floated consultation paper on applicability of SEBI (PIT), Regulations,2015 to Mutual Fund (MF) units. SEBI has considered to include a separate chapter in PIT Regulations to cover transactions in units of MF schemes. SEBI has proposed to amend the definition of the term 'securities' to do away the exclusion of MF units. […] 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-proposes-to-extend-applicability-of-insider-trading-norms-to-the-units-of-mutual-funds/ Powered by Jetpack

posted: "INCOME TAX : Where Assessing Officer having noticed that assessee had shown in account books purchases of milk made from farmers in cash and it failed to provide contact number of farmers made addition of said amount to assessee's income under section 69C" Gupta Chandan & Associates No error in ITAT's ruling deleting sec. 69C additions by holding that source of cash purchase was duly recorded: HC Jul 11 INCOME TAX : Where Assessing Officer having noticed that assessee had shown in account books purchases of milk made from farmers in cash and it failed to provide contact number of farmers made addition of said amount to assessee's income under section 69C and Tribunal deleted addition holding that entire source of purchases was duly […] 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-error-in-itats-ruling-deleting-sec-69c-additions-by-holding-that-source-of-cash-purchase-was-duly-recorded-hc/ Powered by Jetpack