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Archive: 13 February 2025

Posts in 13 February 2025

ITAT Raipur deletes Related-Party Loan Addition (Genuineness Proven)

February 13, 2025 132 Views 0 comment Print

ITAT Raipur held that addition under section 68 towards unsecured loan from related party cannot be sustained since identity, creditworthiness of lender and genuineness of transaction proved. Hence, appeal of revenue dismissed.

Delhi HC Orders 30% Bank Guarantee for Seized Goods Release

February 13, 2025 96 Views 0 comment Print

Delhi High Court held that imposition of condition in case of provisional release of seized goods is discretionary and hence directed furnishing of bank guarantee to the tune of 30% of the differential duty instead of 130%.

Notice Issued Beyond Section 73(2) Time Limit is Invalid: Andhra Pradesh HC

February 13, 2025 678 Views 0 comment Print

Andhra Pradesh High Court held that time permit set out under section 73(2) of the Central Goods and Services Tax Act [CGST Act] is mandatory and any violation of that time period renders show cause notice bad-in-law.

Baggage Rules doesn’t apply to jewellery worn in person: Madras HC

February 13, 2025 912 Views 0 comment Print

Madras High Court held that the Baggage Rule, 2016 will apply only to the baggage and not to the jewellery worn in person. Accordingly, petition is allowed and confiscation order quashed.

SEBI (Procedure for making, amending & reviewing of Regulations), 2025

February 13, 2025 411 Views 0 comment Print

SEBI introduces new regulations mandating public consultation and stakeholder engagement in rule-making to enhance transparency in securities market governance.

Transfer of case u/s. 127 without granting personal hearing in bad-in-law: ITAT Raipur

February 13, 2025 402 Views 0 comment Print

ITAT Raipur held that order of transfer of case under section 127 of the Income Tax Act without granting opportunity of being heard to appellant is bad-in-law. Accordingly, matter restored back to file of CIT(A).

SEBI Seeks Public Comments on ESG Rating Rules Update

February 13, 2025 159 Views 0 comment Print

SEBI invites public comments on strengthening ESG Rating Providers. Feedback can be submitted online by March 6, 2025. Read the consultation details here.

Order of Settlement Commission choosing one of two possible views cannot be interfered

February 13, 2025 231 Views 0 comment Print

Kerala High Court held that court cannot interfere with order of settlement commission if challenge is merely that Settlement Commission has chosen to take one of two possible views that can be legally taken in respect of an issue. Accordingly, writ disposed of.

RBI Guidelines on $120M Credit Line to Vietnam for Guard Boats

February 13, 2025 108 Views 0 comment Print

RBI outlines Exim Bank’s $120M credit line to Vietnam for High-Speed Guard Boats. Includes disbursement details, export compliance, and banking guidelines.

RBI Guidelines on $180M Credit Line to Vietnam for Patrol Vessels

February 13, 2025 213 Views 0 comment Print

RBI issues guidelines for Exim Bank’s $180M credit line to Vietnam for Offshore Patrol Vessels. Details on disbursement, export policy, and compliance.

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