The FAQs confirm that cess is computed on maximum rated machine speed rather than actual production. This ensures certainty in tax liability regardless of utilisation levels.
The regulator has overhauled credit risk rules to curb conflicts of interest in lending. Clear definitions, Board approvals, and materiality thresholds now govern related-party exposures.
The draft Strategic Action Plan 2026–30 outlines wide-ranging reforms in education, training, governance, and digital infrastructure. It aims to align the profession with national development goals and emerging global trends.
The issue concerned massive additions made in an ex-parte assessment due to alleged unexplained share transactions. The Tribunal held that such issues require proper factual verification and remanded the case for fresh adjudication.
New amendments impose detailed definitions, strict prohibitions, and Board-level oversight for related party lending by rural co-operative banks. The framework strengthens governance, limits conflicts of interest, and enhances enforcement from April 2026.
The issue was whether an appeal could be dismissed solely for delay without examining merits. The Tribunal held that where delay is bona fide, technical rejection is improper and the matter must be decided on merits.
The amendments introduce strict board oversight, materiality thresholds, and disclosure norms for NBFC loans to related parties. The key takeaway is a decisive move to curb conflicts of interest and strengthen credit governance.
The Tribunal upheld deletion of a ₹4.41 crore addition where the assessment relied only on a survey statement later retracted. It ruled that, without independent evidence, such admissions and loose papers cannot justify additions.
Lending to directors and related parties is sharply curtailed with clear bans and limited exceptions. The rules mandate Board oversight, materiality thresholds, and mandatory recusals.
New disclosure norms require granular reporting of loans, NPAs, provisions, and contracts involving related parties. The move enhances transparency and comparability in bank financial statements.
