The key question under discussion is whether the Reserve Bank of India (RBI) qualifies as a banking company under Section 17(4) of the CGST Act, 2017, thereby making it subject to the 50% Input Tax Credit (ITC) restriction.
RBI removes the Board of New India Co-operative Bank, Mumbai, citing governance concerns. An Administrator and Advisory Committee appointed for 12 months.
Supreme Court held that for a Resolution Plan containing a combination should be examined by Committee of Creditors [CoC] only after prior approval from Competition Commission of India [CCI].
Guwahati HC applies promissory estoppel against Assam, upholding industrial policy benefits despite conflicting departmental views on factory operations.
ITAT Rajkot held that addition on account of unexplained investment in purchase of immovable property u/s 69 of the Income Tax Act is liable to be deleted since assessee sufficiently proved that all the payments are made from wife’s NRI account.
RBI imposes operational restrictions on New India Co-operative Bank, Mumbai, limiting loans, deposits, and withdrawals. Details of the RBI directive and its impact.
RBI updates rules for trading government securities, gold-related securities, and money market instruments under the Securities Contracts Act.
India revises customs duties, imposing 100% duty on most alcoholic beverages and reducing bourbon whiskey duty to 50%, effective immediately.
India restricts premium frozen duck meat imports to 3-star and above hotels, requiring authorization for distributors. Direct imports by hotels remain unrestricted.
Andhra Pradesh High Court rules that a personal hearing must be granted before an adverse GST order, even if not requested, ensuring fair assessment under CGST Act.
