IRDAI has issued updated guidelines for establishing and closing liaison offices in India by overseas insurers. The framework sets eligibility, reporting, and strict operational conditions.
ROC Kolkata imposed penalties for failure to appoint the mandatory two Independent Directors within the prescribed timeline under Section 149. The order clarifies that delayed compliance after conversion into a public company invites monetary penalty under Section 172.
RBI has proposed amendments restricting banks to regulated financial products and mandating fee-based, no-risk agency arrangements. Referral services must remain purely advisory with strict disclosures.
RBI has issued draft amendment directions covering advertising, marketing, DSAs, mis-selling, and dark patterns. The proposals apply to all banks, NBFCs, and financial institutions.
The Tribunal ruled that timely filing is mandatory for Chapter VI-A deductions and belated returns cannot claim Section 80P benefits. It followed binding High Court precedent and dismissed the appeal.
The Tribunal held that the appellate authority exceeded jurisdiction by restoring the matter to the Assessing Officer for fresh assessment. It directed the CIT(A) to decide the deemed dividend addition on merits as raised in appeal.
The Tribunal held that cash deposits made during demonetization cannot be treated as unexplained under Section 68 if sufficient cash balance is recorded in regular books of account.
The Tribunal held that after submission of primary creditor details, the burden shifted to the AO to disprove the claim. The case was remanded to ensure fair opportunity and proper inquiry.
The guide outlines eligibility, documentation, and ROC filing requirements for converting an LLP into a private company under the Companies Act, 2013.
The Tribunal held that treating part of the disclosed sale proceeds as unexplained cash credit amounts to double taxation. It directed deletion of the addition to the extent linked to the accepted sale consideration.
