The adjudicating authority held that non-disclosure of auditor-reported non-compliances violates statutory reporting duties. Monetary penalties were imposed on both the company and defaulting directors.
ITAT Pune held that deduction under section 80P of the Income Tax Act admissible on interest income received by co-operative society from deposits with co-operative banks and nationalized banks. Accordingly, appeal of the assessee is allowed.
Failure to explain auditor-noted violations of Nidhi Rules resulted in penalties on the company and directors. The order reinforces strict disclosure duties under company law.
The order confirms that filing incorrect financial statements triggers penalties even if errors are later admitted and rectified. Post-filing administrative correction does not erase liability under the Companies Act.
The notification keeps the export prohibition intact while carving out a narrow exception for capped exports. Up to 5 LMT of wheat flour and related products can now be exported under a special authorisation route.
The government has notified detailed procedures for exporting wheat flour under HS Code 1101. Exporters must meet eligibility norms, quantity thresholds, and strict compliance conditions to secure authorisation.
The circular prescribes additional disclosures and documentation for schemes launched under third-party fund management. The move improves transparency, governance, and regulatory oversight in IFSC fund structures.
The notice refines eligibility to RBI-aligned credit, applies benefits only to post-02.01.2026 sanctions, and excludes deemed exports and NPAs—helping exporters understand who qualifies and when.
Madras High Court held that benefit of amnesty notification no. 7/2023-Central Tax dated 31.03.2023, and was amended by notification no.25/2023-Central Tax dated 17.07.2023 for late fee waiver has to be extended to all taxpayers who filed their GST Annual Returns [GSTR-9 and GSTR-9C] before issuance of above notification i.e. before 01.04.2023.
The Court upheld the Tribunal’s view that interest cannot be levied when duty paid is fully creditable to downstream units. It confirms that compensatory interest requires actual revenue loss.
