The Directions mandate robust KYC and AML/CFT controls for AIFIs with immediate effect. The key takeaway is stricter customer identification and monitoring aligned with FATF standards.
The government has notified approval under Section 35(1)(ii), allowing donors to claim income-tax deductions for eligible scientific research contributions.
The government has approved an institution for scientific research under Section 35(1)(ii), allowing eligible tax deductions for donations from AY 2026–27 to 2030–31.
The government has relaxed restrictions on organic sugar exports, permitting shipments up to 50,000 MT per financial year under prescribed procedures.
Calcutta High Court held that present writ petition filed by personal guarantor is not maintainable since the proceeding u/s. 95 of the IBC is pending before Adjudicating Authority and petition is filed without taking appropriate steps before appropriate forum.
Rejecting a summary denial of deductions, the Tribunal restored the issue to the AO to verify whether mortgage repayments and other costs were wholly connected with the transfer. Taxpayers were directed to cooperate and file complete evidence.
The Directions prescribe standardised presentation and disclosure norms for All-India Financial Institutions. The key takeaway is enhanced consistency and transparency in AIFI financial statements.
Gujarat High Court held that the services received in respect of setting up the captive wind mill plant are eligible for the Cenvat Credit under rule 2(l) of the Cenvat Credit Rules, 2004. Accordingly, the writ petition is allowed.
The issue was whether foreign bank balances funded through LRS could be taxed as unexplained credits. ITAT held that once the source and opening balance are established, section 68 cannot be invoked merely on peak-credit theory.
The RBI has overhauled responsible business conduct norms, mandating transparency, fair practices, and borrower protection across AIFIs. The key takeaway is stricter accountability in lending and recovery processes.
