Daily digest for Gupta Chandan & Associates, on July 13, 2022

posted: "FEMA, BANKING amp; INSURANCE : Where appellant-directors of company filed petition before High Court for quashing criminal proceedings against them under section 138 on ground that cheque in question was not issued in discharge of legally recoverable debt" Gupta Chandan & Associates HC rightly rejected plea for quashing of criminal proceedings u/s 138 of NI Act as proceedings were at nascent stage: SC Jul 13 FEMA, BANKING amp; INSURANCE : Where appellant-directors of company filed petition before High Court for quashing criminal proceedings against them under section 138 on ground that cheque in question was not issued in discharge of legally recoverable debt, in view of fact that proceedings were at a nascent stage, scuttling of criminal process was 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/hc-rightly-rejected-plea-for-quashing-of-criminal-proceedings-u-s-138-of-ni-act-as-proceedings-were-at-nascent-stage-sc/ Powered by Jetpack

posted: "The Govt. had recently exempted excise duty on 12% ethanol blended petrol and 15% ethanol blended petrol vide Notification No. 12/2022-Central Excise, Dated 4-7-2022. Simultaneous exemption has also been provided with respect to Special Additional Excise " Gupta Chandan & Associates Govt. exempts SAD, AIDC and RIC on 12% and 15% ethanol blended petrol: Notification Jul 13 The Govt. had recently exempted excise duty on 12% ethanol blended petrol and 15% ethanol blended petrol vide Notification No. 12/2022-Central Excise, Dated 4-7-2022. Simultaneous exemption has also been provided with respect to Special Additional Excise Duty ('SAD'), Agriculture Infrastructure and Development Cess ('AIDC') and Road and Infrastructure Cess ('RIC') on the said products.The Govt. […] 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-exempts-sad-aidc-and-ric-on-12-and-15-ethanol-blended-petrol-notification/ Powered by Jetpack

posted: "Recently, the Govt. had notified amendment in Export policy of Wheat Flour, Maida, etc. providing that such exports would be subject to recommendation of Inter Ministerial Committee (IMC) w.e.f. July 12, 2022. In this regard, instructions has been issued " Gupta Chandan & Associates CBIC issued instructions regarding change in export policy of Wheat Flour w.e.f. July 12, 2022 Jul 13 Recently, the Govt. had notified amendment in Export policy of Wheat Flour, Maida, etc. providing that such exports would be subject to recommendation of Inter Ministerial Committee (IMC) w.e.f. July 12, 2022. In this regard, instructions has been issued by the CBIC providing the details of such amendment.Recently, the Govt. had notified amendment in Export […] 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-instructions-regarding-change-in-export-policy-of-wheat-flour-w-e-f-july-12-2022/ Powered by Jetpack

posted: "INCOME TAX : Where assessee claimed capital gain arose on sale of a land as exempt claiming that it was an agricultural land but failed to provide any substantial evidence in support to justify such claim that land in question was an agricultural land, ma" Gupta Chandan & Associates ITAT remanded matter back as Co. failed to provide substantial evidence to prove that land sold was agricultural land Jul 13 INCOME TAX : Where assessee claimed capital gain arose on sale of a land as exempt claiming that it was an agricultural land but failed to provide any substantial evidence in support to justify such claim that land in question was an agricultural land, matter was to be remanded back to Assessing Officer for 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/itat-remanded-matter-back-as-co-failed-to-provide-substantial-evidence-to-prove-that-land-sold-was-agricultural-land/ Powered by Jetpack

posted: "FEMA, BANKING amp; INSURANCE : Where applicant was taken into custody for alleged money laundering in construction and development of hotel on allegation that huge part of loan amount sanctioned by consortium of banks for hotel project, was siphoned off b" Gupta Chandan & Associates Applicant's bail plea dismissed as he siphoned off funds taken by consortium banks resulted in proceeds of crime: HC Jul 13 FEMA, BANKING amp; INSURANCE : Where applicant was taken into custody for alleged money laundering in construction and development of hotel on allegation that huge part of loan amount sanctioned by consortium of banks for hotel project, was siphoned off by applicant and his associates, resulting in generation of 'proceeds of crime' as well 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/applicants-bail-plea-dismissed-as-he-siphoned-off-funds-taken-by-consortium-banks-resulted-in-proceeds-of-crime-hc/ Powered by Jetpack

posted: "Shri Arvind Bajpai, CS of Deepak Nitrite Limited (DNL) sought an interpretative letter under the SEBI (Informal Guidance) Scheme, 2003 on the issue that whether pending QIP issue, its pricing and probable impact on share capital of the company, which is n" Gupta Chandan & Associates Pending QIP issue, its pricing and probable impact on share capital of the company is UPSI: SEBI Jul 13 Shri Arvind Bajpai, CS of Deepak Nitrite Limited (DNL) sought an interpretative letter under the SEBI (Informal Guidance) Scheme, 2003 on the issue that whether pending QIP issue, its pricing and probable impact on share capital of the company, which is not yet known and shall be determined as per ICD regulations, be considered 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/pending-qip-issue-its-pricing-and-probable-impact-on-share-capital-of-the-company-is-upsi-sebi/ Powered by Jetpack

posted: "The Income-tax Department has carried out search and seizure operations on two business groups of Tamil Nadu engaged in the business of Civil Contracts, Real Estate, Advertising etc. The search operations were carried out at more than 40 premises located " Gupta Chandan & Associates Tax Dept. conducted searches on 2 business groups in Tamil Nadu; detects Rs. 500 crores of undisclosed income Jul 13 The Income-tax Department has carried out search and seizure operations on two business groups of Tamil Nadu engaged in the business of Civil Contracts, Real Estate, Advertising etc. The search operations were carried out at more than 40 premises located in Chennai, Coimbatore and Madurai. During the course of the search operations, various incriminating documentary […] 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-searches-on-2-business-groups-in-tamil-nadu-detects-rs-500-crores-of-undisclosed-income/ Powered by Jetpack

posted: "The Finance Act, 2022 has inserted a new section 158AB which provides for making an application before the Tribunal and High Court to avoid the filing of an appeal by revenue on identical issues. The CBDT has notified Form 8A to make such an application.T" Gupta Chandan & Associates CBDT notifies Form 8A to make application u/s 158AB to defer filing of appeal on identical issues Jul 13 The Finance Act, 2022 has inserted a new section 158AB which provides for making an application before the Tribunal and High Court to avoid the filing of an appeal by revenue on identical issues. The CBDT has notified Form 8A to make such an application.The Finance Act, 2022 has inserted a new section 158AB 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/cbdt-notifies-form-8a-to-make-application-u-s-158ab-to-defer-filing-of-appeal-on-identical-issues/ Powered by Jetpack

posted: "INCOME TAX : Where assessee-company, engaged in business of retail trading, had furnished documentary evidences showing that octroi expenses pertaining to earlier financial years was crystallized and paid before filing of return of income for current year" Gupta Chandan & Associates Provisions made for sales return to be allowed if obligation to accept sales return arose on date of sale: ITAT Jul 13 INCOME TAX : Where assessee-company, engaged in business of retail trading, had furnished documentary evidences showing that octroi expenses pertaining to earlier financial years was crystallized and paid before filing of return of income for current year, same was to be allowed under section 37(1)INCOME TAX : Where assessee-company, engaged in business of retail trading, […] 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/provisions-made-for-sales-return-to-be-allowed-if-obligation-to-accept-sales-return-arose-on-date-of-sale-itat/ Powered by Jetpack

posted: "INCOME TAX : Where assessee supplied patented medicines to medical department of various Government departments and it appointed consignment agents for various services associated with supply of medicines since commission was paid to agents to render thos" Gupta Chandan & Associates Commission paid to agents assisting various services associated with supply of medicines to Govt. Dept. is allowable: ITAT Jul 13 INCOME TAX : Where assessee supplied patented medicines to medical department of various Government departments and it appointed consignment agents for various services associated with supply of medicines since commission was paid to agents to render those services and not for procuring supply-order from Government department, commission paid to agents 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/commission-paid-to-agents-assisting-various-services-associated-with-supply-of-medicines-to-govt-dept-is-allowable-itat/ Powered by Jetpack