The amendment clarifies that identity and address verification lies with the entity that last updated CKYCR records. NBFCs relying on such records need not repeat verification but must continue full customer due diligence.
The regulator held that identity and address verification lies with the last entity uploading KYC data to CKYCR. Payments banks relying on valid records need not repeat verification, while retaining responsibility for other CDD requirements.
The tribunal held that when the assessment order is remanded for de-novo adjudication, the very basis for penalty ceases to exist. Consequently, penalty proceedings under section 271(1)(c) become unsustainable.
The amendment clarifies that identity and address verification rests with the entity that last updated CKYCR records. Regional rural banks relying on such records are spared repeat checks but remain fully responsible for ongoing due diligence and AML compliance.
The regulator held that identity and address verification rests with the last entity uploading KYC data to CKYCR. Rural banks relying on valid records need not repeat verification, though full CDD responsibility otherwise continues.
The tribunal held that delay in filing Form 10BB is only a procedural lapse and not a substantive bar to exemption. Where the audit report was available before processing, denial of section 11 exemption was unsustainable.
The amendment clarifies that identity and address verification rests with the entity that last updated CKYCR records. Small finance banks relying on such records are spared repeat checks but must continue full customer due diligence under KYC norms.
The amendment clearly assigns identity and address verification to the entity that last updated customer records in CKYCR. Banks relying on such records are relieved from repeat checks but must continue full customer due diligence under KYC norms.
Karnataka High Court held that customs duty under the exemption Notification No.1/95-CE dated 04.01.1995 on imported items not granted since condition of value addition at the minimum rate of 33% made before the exports not satisfied. In fact, the value addition was only upto 5.18%.
The tribunal held that land registered in an individual’s name but fully paid by a society amounts to receipt of property without consideration. Such benefit is taxable as income under section 56(2)(vii).
