India’s key tax, customs, SEBI, IBBI, RBI, and other regulatory and judicial developments from May 12th to 18th, 2025.
India’s Finance Act 2025 clarifies Significant Economic Presence (SEP) rules, excluding mere purchase of goods in India for export from tax liability.
Rule 8 of SCRR, 1957 amended to clarify treatment of broker investments, aiming to ease regulatory compliance and support capital market activity.
RBI proposes new limits and provisioning norms for investments by regulated entities in AIFs; public comments invited until June 8, 2025.
Madras High Court held that rejection of e-Form NDH-4 application beyond time limit of 45 days is not allowable hence petitioner directed to submit a fresh reply regarding compliance of defects stated in orders.
Supreme Court held that Schott (principal domestic manufacturer) offering volume-based discounts doesn’t constitute abuse of dominance under section 4 of the Competition Act, 2002.
West Bengal GST AAAR remands TCG Urban case on fitted asset classification to AAR. Parties cited Bharati Airtel & BSNL tests; issue hinges on asset nature & agreements.
Section 74A replaces GST Sections 73 and 74, streamlining notices, penalties, and compliance for fraud and non-fraud cases. Key changes effective FY 2024–25.
CESTAT Delhi held that imposition of penalty under section 112(a) of the Customs Act, 1962 not justified since revenue failed to establish direct involved of Customs Broker in mis-declaration of imported goods. Accordingly, appeal allowed and penalty deleted.
ITAT Pune held that in respect of unabated assessment, no addition can be made by AO in absence of any incriminating material found during the course of search under section 132 of the Income Tax Act. Accordingly, order set aside and appeal allowed.
