Daily digest for Gupta Chandan & Associates, on July 14, 2022

posted: "FEMA, BANKING amp; INSURANCE LAWS : Where appellant claimed to have advanced loan of Rs. 20 lakhs through cheque to respondent company, out of which Rs. 10 lakhs remained unpaid, however, though appellant had sufficient materials, more particularly, docum" Gupta Chandan & Associates Recovery Suit was rightly dismissed by Trial Court as appellant couldn't produce evidence to prove transaction of loan: HC Jul 14 FEMA, BANKING amp; INSURANCE LAWS : Where appellant claimed to have advanced loan of Rs. 20 lakhs through cheque to respondent company, out of which Rs. 10 lakhs remained unpaid, however, though appellant had sufficient materials, more particularly, documentary proof like his bank pass book, statement of account, register, etc., to show transaction of loan […] 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/recovery-suit-was-rightly-dismissed-by-trial-court-as-appellant-couldnt-produce-evidence-to-prove-transaction-of-loan-hc/ Powered by Jetpack

posted: "INCOME TAX : Where an agricultural land of assessee was situated in Hazira notified area, since Hazira notified area is not a municipal area or deemed municipality, said agricultural land situated in such notified area could not be treated as 'capital ass" Gupta Chandan & Associates Agricultural land situated in notified area in Industrial Township which isn't municipal area isn't a capital asset: ITAT Jul 14 INCOME TAX : Where an agricultural land of assessee was situated in Hazira notified area, since Hazira notified area is not a municipal area or deemed municipality, said agricultural land situated in such notified area could not be treated as 'capital asset' defined under section 2(14) and compensation received on acquisition of such land 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/agricultural-land-situated-in-notified-area-in-industrial-township-which-isnt-municipal-area-isnt-a-capital-asset-itat/ Powered by Jetpack

posted: "The Government via notification has withdrawn the exemption from the integrated tax leviable on import of goods specified in First Schedule to the Customs Tariff Act, 1975 and on import of specified goods by Non-commercial research institution and other r" Gupta Chandan & Associates IGST exemption withdrawn on import of certain specified goods by Research Institutions: Notification Jul 14 The Government via notification has withdrawn the exemption from the integrated tax leviable on import of goods specified in First Schedule to the Customs Tariff Act, 1975 and on import of specified goods by Non-commercial research institution and other research institution.The Government via notification has withdrawn the exemption from the integrated tax leviable on import […] 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/igst-exemption-withdrawn-on-import-of-certain-specified-goods-by-research-institutions-notification/ Powered by Jetpack

posted: "The Government has issued press release to inform that during the course of investigation, searches were conducted by DRI at the office premises of Oppo India and residences of its key management employees. After completion of the investigation, a Show Ca" Gupta Chandan & Associates DRI unearths Customs duty evasion of Rs. 4389 crores by Oppo India: Press Release Jul 14 The Government has issued press release to inform that during the course of investigation, searches were conducted by DRI at the office premises of Oppo India and residences of its key management employees. After completion of the investigation, a Show Cause Notice has been issued to Oppo India demanding Customs duty amounting to Rs. 4,389 […] 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/dri-unearths-customs-duty-evasion-of-rs-4389-crores-by-oppo-india-press-release/ Powered by Jetpack

posted: "INCOME TAX : Where assessee executed Border Out Post works for Ministry of Home Affairs and made certain payment to various States towards cost of land acquisition and electrification charges since expenditure incurred towards land acquisition compensatio" Gupta Chandan & Associates Exp. incurred for acquisition of land on behalf of Govt. while executing project can't be treated as capital exp.: ITAT Jul 14 INCOME TAX : Where assessee executed Border Out Post works for Ministry of Home Affairs and made certain payment to various States towards cost of land acquisition and electrification charges since expenditure incurred towards land acquisition compensation was part and parcel of contact agreement and same was included in project cost, impugned expenditure 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/exp-incurred-for-acquisition-of-land-on-behalf-of-govt-while-executing-project-cant-be-treated-as-capital-exp-itat/ Powered by Jetpack

posted: "INCOME TAX : Where Assessing Officer reopened assessments for reasons that during assessment years 2013-14 and 2015-16 assessee had earned income by way of freight and this had not been routed through profit and loss account of relevant financial years an" Gupta Chandan & Associates Assessee to take defense before AO if it claimed that income stated in sec. 148 notice was disclosed in earlier years: HC Jul 14 INCOME TAX : Where Assessing Officer reopened assessments for reasons that during assessment years 2013-14 and 2015-16 assessee had earned income by way of freight and this had not been routed through profit and loss account of relevant financial years and assessee contended that these kind of transactions and income derived had already been disclosed […] 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/assessee-to-take-defense-before-ao-if-it-claimed-that-income-stated-in-sec-148-notice-was-disclosed-in-earlier-years-hc/ Powered by Jetpack