Daily digest for Gupta Chandan & Associates, on July 8, 2022

posted: "INCOME TAX : Buildings that are let out cannot be part of block of assets as defined under section 2(11)INCOME TAX : Buildings that are let out cannot be part of block of assets as defined under section 2(11)www.taxmann.com Latest Case LawsRead More" Gupta Chandan & Associates Buildings that are let out to be excluded from 'block of assets' while computing capital gains u/s 50: ITAT Jul 8 INCOME TAX : Buildings that are let out cannot be part of block of assets as defined under section 2(11)INCOME TAX : Buildings that are let out cannot be part of block of assets as defined under section 2(11)www.taxmann.com Latest Case LawsRead More 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/buildings-that-are-let-out-to-be-excluded-from-block-of-assets-while-computing-capital-gains-u-s-50-itat/ Powered by Jetpack

posted: "INCOME TAX : Where for assessment years 2013-14 to 2015-16, income of assessee escaping assessment to tax was less than Rs. 50,00,000/- and notice had not been issued within limitation under unamended provisions of section 149, proceedings under amended p" Gupta Chandan & Associates HC follows CBDT's Instruction; quashes sec. 148 notice issued for AY having escaped assessment below Rs. 50 lakh Jul 8 INCOME TAX : Where for assessment years 2013-14 to 2015-16, income of assessee escaping assessment to tax was less than Rs. 50,00,000/- and notice had not been issued within limitation under unamended provisions of section 149, proceedings under amended provision of sections 148A and 149 as substituted by Finance Act, 2021, could not be initiatedINCOME […] 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-follows-cbdts-instruction-quashes-sec-148-notice-issued-for-ay-having-escaped-assessment-below-rs-50-lakh/ Powered by Jetpack

posted: "The CBIC has earlier issued circular to clarify that reversal of credit is required on Bagasse. Now, this circular is withdrawn and it is clarified that reversal of credit is not required on Bagasse being non- excisable goods.The CBIC has earlier issued c" Gupta Chandan & Associates Reversal of credit not required on Bagasse being non- excisable goods: Circular Jul 8 The CBIC has earlier issued circular to clarify that reversal of credit is required on Bagasse. Now, this circular is withdrawn and it is clarified that reversal of credit is not required on Bagasse being non- excisable goods.The CBIC has earlier issued circular to clarify that reversal of credit is required on Bagasse. Now, this […] 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/reversal-of-credit-not-required-on-bagasse-being-non-excisable-goods-circular/ Powered by Jetpack

posted: "RBI had released "Liberalisation of Forex Flows" dated July 06, 2022 whereby AD Cat-I banks could utilise the funds raised from overseas foreign currency between July 08, 2022 amp; October 31, 2022 for lending in foreign currency to constituents in India." Gupta Chandan & Associates AD Category-I banks can utilise funds raised from overseas FCB subject to end-use prescriptions applicable to ECBs: RBI Jul 8 RBI had released "Liberalisation of Forex Flows" dated July 06, 2022 whereby AD Cat-I banks could utilise the funds raised from overseas foreign currency between July 08, 2022 amp; October 31, 2022 for lending in foreign currency to constituents in India. Now RBI has clarified that such lending shall be subject to the end-use prescriptions […] 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/ad-category-i-banks-can-utilise-funds-raised-from-overseas-fcb-subject-to-end-use-prescriptions-applicable-to-ecbs-rbi/ Powered by Jetpack

posted: "SEBI noticed that unscrupulous individuals are trying to cheat public by holding out as officials of Recovery and Refund Department of SEBI and falsely informing them about refund of, accordingly the SEBI has cautioned the public against such false claims" Gupta Chandan & Associates SEBI cautions public against fraudulent calls or e-mails or messages about refund of money Jul 8 SEBI noticed that unscrupulous individuals are trying to cheat public by holding out as officials of Recovery and Refund Department of SEBI and falsely informing them about refund of, accordingly the SEBI has cautioned the public against such false claims of refund and cautions them against parting with any documents / money on such calls […] 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-cautions-public-against-fraudulent-calls-or-e-mails-or-messages-about-refund-of-money/ Powered by Jetpack

posted: "The Government of Andhra Pradesh had notified formation of 13 new districts in the State. Accordingly, RBI has decided to designate Lead Banks of the new districts. Further, the District Working Codes of the new districts have also been allotted for the p" Gupta Chandan & Associates RBI designates Lead Banks to 13 new districts in the State of Andhra Pradesh Jul 8 The Government of Andhra Pradesh had notified formation of 13 new districts in the State. Accordingly, RBI has decided to designate Lead Banks of the new districts. Further, the District Working Codes of the new districts have also been allotted for the purpose of BSR reporting by banks. There is no change in the Lead […] 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-designates-lead-banks-to-13-new-districts-in-the-state-of-andhra-pradesh/ Powered by Jetpack

posted: "The RBI has issued clarification w.r.t Investment by FPIs in Govt. securities. Accordingly, RBI clarified that short-term investments by an FPI in government securities and corporate bonds shall not exceed 30% of the total investment of that FPI in any ca" Gupta Chandan & Associates Investments by FPIs in G-Sec between July 08, 2022 and Oct 31, 2022 shall be exempted from limit on short-term investments Jul 8 The RBI has issued clarification w.r.t Investment by FPIs in Govt. securities. Accordingly, RBI clarified that short-term investments by an FPI in government securities and corporate bonds shall not exceed 30% of the total investment of that FPI in any category. It has been decided that investments by FPIs in government securities and corporate bonds […] 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/investments-by-fpis-in-g-sec-between-july-08-2022-and-oct-31-2022-shall-be-exempted-from-limit-on-short-term-investments/ Powered by Jetpack

posted: "The RBI has decided to designate the two securities as well as all new issuances of Government securities of 7-year and 14-year tenors as 'specified securities' under the Fully Accessible Route (FAR). Earlier, RBI introduced the FAR in pursuance of the an" Gupta Chandan & Associates RBI designates two additional specified securities eligible for investment by NRs under 'Fully Accessible Route' Jul 8 The RBI has decided to designate the two securities as well as all new issuances of Government securities of 7-year and 14-year tenors as 'specified securities' under the Fully Accessible Route (FAR). Earlier, RBI introduced the FAR in pursuance of the announcement made in the Union Budget 2020-21 that certain specified categories of Central Government […] 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-designates-two-additional-specified-securities-eligible-for-investment-by-nrs-under-fully-accessible-route/ Powered by Jetpack

posted: "INCOME TAX : Where notice issued under section 148 being uploaded only in web portal was retrieved by assessee belatedly because of demise of his father, impugned assessment order passed under section 147 read with section 144 ex parte raising a huge dema" Gupta Chandan & Associates HC granted opportunity to respond to SCN as notice was retrieved by assessee belatedly due to demise of his father Jul 8 INCOME TAX : Where notice issued under section 148 being uploaded only in web portal was retrieved by assessee belatedly because of demise of his father, impugned assessment order passed under section 147 read with section 144 ex parte raising a huge demand was to be set aside and matter was to be remanded back […] 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-granted-opportunity-to-respond-to-scn-as-notice-was-retrieved-by-assessee-belatedly-due-to-demise-of-his-father/ Powered by Jetpack

posted: "The requirement of advance registration of minimum 15 days from the expected date of the arrival of import consignment under SIMS has been abolished.The requirement of advance registration of minimum 15 days from the expected date of the arrival of import" Gupta Chandan & Associates No requirement of advance registration of import consignments under SIMS: Notification Jul 8 The requirement of advance registration of minimum 15 days from the expected date of the arrival of import consignment under SIMS has been abolished.The requirement of advance registration of minimum 15 days from the expected date of the arrival of import consignment under SIMS has been abolished.taxmann.com Latest Statutory HappeningsRead More 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-requirement-of-advance-registration-of-import-consignments-under-sims-notification/ Powered by Jetpack

posted: "Current the export Policy for export of wheat flour is " Free". With effect from July 12th, 2022, the export of wheat flour (atta) is subject to recommendation of Inter Ministerial Committee (IMC) on export of wheat.Current the export Policy for export of" Gupta Chandan & Associates Export Policy of wheat flour "Free" but subject to recommendation of Inter Ministerial Committee: Notification Jul 8 Current the export Policy for export of wheat flour is " Free". With effect from July 12th, 2022, the export of wheat flour (atta) is subject to recommendation of Inter Ministerial Committee (IMC) on export of wheat.Current the export Policy for export of wheat flour is " Free". With effect from July 12th, 2022, the […] 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/export-policy-of-wheat-flour-free-but-subject-to-recommendation-of-inter-ministerial-committee-notification/ Powered by Jetpack

posted: "The Central Board of Indirect Taxes and Customs has notified the rate of exchange of conversion of the foreign currencies into Indian currency or vice versa, with effect from 8th July 2022, for import and export of goods.The Central Board of Indirect Taxe" Gupta Chandan & Associates CBIC notified exchange rates effective from July 8th, 2022 Jul 8 The Central Board of Indirect Taxes and Customs has notified the rate of exchange of conversion of the foreign currencies into Indian currency or vice versa, with effect from 8th July 2022, for import and export of goods.The Central Board of Indirect Taxes and Customs has notified the rate of exchange of conversion of the […] 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-notified-exchange-rates-effective-from-july-8th-2022/ Powered by Jetpack

posted: "The CBIC has issued Standard Operating Procedures for implementation of Central Government notification prohibiting import of mobile phones with duplicate, fake and non-genuine International Mobile Equipment Identity (IMEI).The CBIC has issued Standard Op" Gupta Chandan & Associates CBIC issued SOPs to implement ban on import of mobile phones with duplicate, fake and non-genuine IMEI Jul 8 The CBIC has issued Standard Operating Procedures for implementation of Central Government notification prohibiting import of mobile phones with duplicate, fake and non-genuine International Mobile Equipment Identity (IMEI).The CBIC has issued Standard Operating Procedures for implementation of Central Government notification prohibiting import of mobile phones with duplicate, fake and non-genuine International Mobile Equipment Identity (IMEI).taxmann.com […] 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-sops-to-implement-ban-on-import-of-mobile-phones-with-duplicate-fake-and-non-genuine-imei/ Powered by Jetpack