Daily digest for Gupta Chandan & Associates, on July 18, 2022

posted: "INCOME TAX : Where penalty under section 271(1)(c) imposed on assessee for furnishing inaccurate particulars of dividend income was deleted by Tribunal on ground that assessee had voluminous transactions and that on same security, dividends were received " Gupta Chandan & Associates HC accepted assessee's plea that book-keeping staff posted wrong entry due to voluminous transactions; deleted penalty Jul 18 INCOME TAX : Where penalty under section 271(1)(c) imposed on assessee for furnishing inaccurate particulars of dividend income was deleted by Tribunal on ground that assessee had voluminous transactions and that on same security, dividends were received at two distinct dates, however, error crept in as book-keeping staff posted both entries of dividend to same […] 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-accepted-assessees-plea-that-book-keeping-staff-posted-wrong-entry-due-to-voluminous-transactions-deleted-penalty/ Powered by Jetpack

posted: "The Central Government has declared "zero coupon zero principal instruments" as securities for the purposes of Securities Contracts (Regulation) Act, 1956. "Zero coupon zero principal instrument" means an instrument issued by a Not for Profit Organisation" Gupta Chandan & Associates Govt. declares „zero coupon zero principal instruments" as securities for the purposes of SCRA, 1956 Jul 18 The Central Government has declared "zero coupon zero principal instruments" as securities for the purposes of Securities Contracts (Regulation) Act, 1956. "Zero coupon zero principal instrument" means an instrument issued by a Not for Profit Organisation which shall be registered with Social Stock Exchange segment of a recognised Stock Exchange in accordance with the regulations […] 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-declares-zero-coupon-zero-principal-instruments-as-securities-for-the-purposes-of-scra-1956/ Powered by Jetpack

posted: "The SEBI has noticed a cyber security incident on the E-mail system which was undergoing a system upgrade and accordingly an FIR as per the relevant provisions of law has been filed. Further, various mitigation measures were immediately taken in response " Gupta Chandan & Associates SEBI files FIR for Cyber Security Incident; takes additional measures to tighten security procedures Jul 18 The SEBI has noticed a cyber security incident on the E-mail system which was undergoing a system upgrade and accordingly an FIR as per the relevant provisions of law has been filed. Further, various mitigation measures were immediately taken in response to the said cyber security incident including, informing CERT-IN as per the standard operating […] 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-files-fir-for-cyber-security-incident-takes-additional-measures-to-tighten-security-procedures/ Powered by Jetpack

posted: "INCOME TAX : Assessee was not entitled to reduce book profit by capital loss debited to Pamp;L account which was subject matter of qualification by auditors as such capital loss was neither eligible for deduction under normal provisions nor under alternat" Gupta Chandan & Associates Co. not entitled to reduce book profit by loss which was subject matter of qualification by its auditors: ITAT Jul 18 INCOME TAX : Assessee was not entitled to reduce book profit by capital loss debited to Pamp;L account which was subject matter of qualification by auditors as such capital loss was neither eligible for deduction under normal provisions nor under alternate provisions of taxationINCOME TAX : Assessee was not entitled to reduce book profit by […] 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/co-not-entitled-to-reduce-book-profit-by-loss-which-was-subject-matter-of-qualification-by-its-auditors-itat/ Powered by Jetpack

posted: "COMPANY LAW : Where registration of one of directors of Registered Valuer Entity (RV-E) as a registered valuer was suspended for his alleged role in misconduct committed by bank and RV-E neither took any steps to remove him from its directorship nor adopt" Gupta Chandan & Associates RVE couldn't continue as valuer when it failed to take action against its director for misconduct Jul 18 COMPANY LAW : Where registration of one of directors of Registered Valuer Entity (RV-E) as a registered valuer was suspended for his alleged role in misconduct committed by bank and RV-E neither took any steps to remove him from its directorship nor adopted any resolution to that effect, said RV-E became ineligible to continue 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/rve-couldnt-continue-as-valuer-when-it-failed-to-take-action-against-its-director-for-misconduct/ Powered by Jetpack