NCLAT Delhi held that appellant doesn’t qualify as a Financial Creditor since appellant has failed to discharge the burden of proving any disbursement as defined under Section 5(8)(f) of the Insolvency and Bankruptcy Code. Accordingly, order upheld and appeal dismissed.
ITAT Mumbai held that levy of penalty under section 270A of the Income Tax Act cannot be sustained since specific limb of Section 270A(9) leading to under-reporting of income or mis-reporting of income is not specified. Accordingly, appeal of assessee is allowed.
Detailed summary on salary, allowances, perquisites, pension, gratuity, HRA, standard deduction, and related tax exemptions under the Income-tax Act with reference to key provisions and CBDT notifications.
The ICAI President details reforms like GST 2.0 that aid MSMEs and consumers. Key initiatives include benchmarking the CA qualification to a Master’s degree, launching the MSME Clinic Programme, and integrating AI and ESG into the profession.
MCA amends Companies Rules, 2014, substituting Rule 11(2) to define business of financing industrial enterprises for NBFCs and IFSCA-registered Finance Companies.
SEBI faces hurdles in regulating financial influencers (finfluencers) with new rules curbing association with registered firms. Challenges include enforcement, ambiguity, and monitoring.
