IFSCA seeks public comments on amending its Capital Market Intermediaries Regulations, 2025. Key proposals include relaxing PO/CO eligibility (adding STEM/Fintech, reducing experience), allowing a common PO for multiple roles (including Custodians/Distributors), clarifying liquid net worth, and lowering the custodian net worth requirement to USD 1 million.
ICAI proposes tax reforms for Union Budget 2026-27 to enhance ease of doing business and sustainability. Suggestions cover reducing compliance burden (E-Ledger system, removing TCS on scrap), mitigating litigation (decriminalization), and rationalizing tax provisions.
Andhra Pradesh High Court rules GST’s two-year limitation under Section 54 does not apply to refunds for tax mistakenly paid on exempt services, citing Article 265.
Chartered Accountants are critical in arbitration as expert witnesses and arbitrators. Their financial expertise helps resolve complex disputes like valuation, settlements, and accounting irregularities efficiently.
Delhi HC validates GST searches under Section 67 if ‘reason to believe’ is documented, but mandates strict privacy safeguards for electronic data and CCTV.
CBIC’s Fourth Amendment Rules, 2025 introduce Rules 9A and 14A, mandating 3-day electronic GST registration and an optional scheme for small taxpayers with low B2B output tax liability.
New CGST Rule 14A offers fast B2B registration for small taxpayers but is structurally flawed. The threshold based on tax liability, strict withdrawal conditions, officer discretion, and lack of system alerts create high compliance risks for micro-enterprises.
The Tribunal confirmed the attachment of properties linked to a large Ponzi scheme, finding the alleged unregistered sale agreement with a massive cash component highly suspicious and likely ante-dated. The ruling emphasized that the genuineness of such transactions is highly questionable in PMLA cases.
The Tribunal set aside the freezing of bank accounts and seizure of assets under PMLA, ruling that the Enforcement Directorate’s failure to provide the fundamental FIR documents violated statutory procedure. The key takeaway is that FIRs are essential Relied Upon Documents for PMLA proceedings and their non-supply vitiates the entire adjudication order.
The Appellate Tribunal upheld the attachment of two plots of land, ruling the cash-paid transactions were benami because the appellant failed to prove the source of consideration. The ruling confirmed that the funds were provided by an unidentified person, satisfying the test under PBPTA Section 2(9)(D).
