SEBI amends NCS Regulations 2025, mandating a specific trust deed format but permitting deviations if a rationale and summary sheet are included in the offer documents.
DGFT reinstated and amended SION C676 for Hot Dipped Galvanised Tension Bar/Rods export, specifying input-output norms for steel and zinc.
This analysis reveals how exclusive airport retail concession agreements create monopolies, leading to unchecked high prices for passengers. The issue remains unaddressed due to inaction by the MoCA, AERA, and CCI, highlighting a critical gap in India’s competition and economic regulation framework that requires immediate legislative reform.
Regulations require proper officers to finalise provisional assessments within 3 months of receiving documents or completing enquiries, with total process capped at 2 years.
Conflicting interpretations on Section 87A emerged as CIT(A) allowed rebate on short-term capital gains, while CBDT Circular 13/2025 restricted it to slab-rate income, leaving taxpayers uncertain.
HC held that large cash payments exceeding Rs.20,000 may be exempt if properly substantiated under Rule 6DD and business needs; Tribunal’s earlier disallowance set aside.
once the income forming the basis of AO’s reason to believe is explained, AO cannot tax other income independently
ITAT Ahmedabad held that unexplained credit additions cannot be sustained where HUF’s bank transactions are fully documented, and reassessment beyond four years without failure to disclose material facts is invalid.
ITAT Mumbai allowed Gateway Distriparks Ltd. s appeal, holding that Section 14A disallowance must be restricted to investments that actually generated exempt income, following the prospective nature of the 2022 amendment. The Tribunal also condoned a significant delay based on the Supreme Courts substantial justice’ principle.
ITAT Mumbai held that long-term capital gains on sale of land are taxable in the year of transfer of possession and payment, even if the formal sale deed is executed later. The decision emphasizes the principle of substance over form under Section 2(47).
