Daily digest for Gupta Chandan & Associates, on July 16, 2022

posted: "INCOME TAX : Where Assessing Officer issued a reopening notice on assessee-company under section 148 on ground that assessee had received certain capital gain on sale of an immovable property but had not disclosed same in his return of income, however, re" Gupta Chandan & Associates HC quashes reassessment order passed on an altogether new stand as mentioned under 'reason to believe' Jul 16 INCOME TAX : Where Assessing Officer issued a reopening notice on assessee-company under section 148 on ground that assessee had received certain capital gain on sale of an immovable property but had not disclosed same in his return of income, however, re-assessment order was passed on an altogether new stand that assessee had purchased an […] 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-quashes-reassessment-order-passed-on-an-altogether-new-stand-as-mentioned-under-reason-to-believe/ Powered by Jetpack

posted: "FEMA amp; BANKING : Amount which is outstanding as per accounts of secured creditor bank would be material, which can be claimed by bank against borrowers for calculating amount to be deposited for filing appeal before Appellate TribunalFEMA amp; BANKING " Gupta Chandan & Associates Sum overdue as per books of creditor-bank can be claimed against borrowers for calculating deposit for filing appeal Jul 16 FEMA amp; BANKING : Amount which is outstanding as per accounts of secured creditor bank would be material, which can be claimed by bank against borrowers for calculating amount to be deposited for filing appeal before Appellate TribunalFEMA amp; BANKING : Amount which is outstanding as per accounts of secured creditor bank would be material, […] 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/sum-overdue-as-per-books-of-creditor-bank-can-be-claimed-against-borrowers-for-calculating-deposit-for-filing-appeal/ Powered by Jetpack

posted: "The CBIC has issued notification to prescribe 2% Excise Duty on Aviation Turbine Fuel drawn by operators or cargo operators from Regional Connectivity Scheme (RCS) airports for the specified routes and exempted duty in excess of 2% for the specified peri" Gupta Chandan & Associates 2% Excise Duty on Aviation Turbine Fuel drawn by operators from RCS airports for specified routes: Notification Jul 16 The CBIC has issued notification to prescribe 2% Excise Duty on Aviation Turbine Fuel drawn by operators or cargo operators from Regional Connectivity Scheme (RCS) airports for the specified routes and exempted duty in excess of 2% for the specified period.The CBIC has issued notification to prescribe 2% Excise Duty on Aviation Turbine Fuel drawn […] 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/2-excise-duty-on-aviation-turbine-fuel-drawn-by-operators-from-rcs-airports-for-specified-routes-notification/ Powered by Jetpack

posted: "INCOME TAX : Where assessee made certain payments in cash which exceeded stipulated limit specified in section 40A(3), therefore, notwithstanding fact that transactions were genuine and parties were identifiable, disallowance under section 40A(3) was to b" Gupta Chandan & Associates Payment in violation of sec. 40A(3) to be disallowed even if transaction was genuine amp; party was identifiable: ITAT Jul 16 INCOME TAX : Where assessee made certain payments in cash which exceeded stipulated limit specified in section 40A(3), therefore, notwithstanding fact that transactions were genuine and parties were identifiable, disallowance under section 40A(3) was to be upheldINCOME TAX : Where assessee made certain payments in cash which exceeded stipulated limit specified in section 40A(3), therefore, […] 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/payment-in-violation-of-sec-40a3-to-be-disallowed-even-if-transaction-was-genuine-amp-party-was-identifiable-itat/ Powered by Jetpack