The draft directions allow Payments Banks to deal only in regulated financial products under agency arrangements and mandate compliance with responsible conduct norms.
ITAT Bangalore held that mere long-pending sundry creditors cannot be taxed under Section 41(1) unless there is actual remission or legal cessation of liability. Continued reflection of liabilities in books prevents addition as income.
The Supreme Court held that refund of GST collected and passed on to consumers must be credited to the Consumer Welfare Fund. It ruled that courts cannot create alternative refund mechanisms outside Section 54 of the CGST Act.
RBI has proposed amendments allowing Small Finance Banks to deal only in regulated financial products under agency arrangements. Referral income is limited to a one-time fee.
The Commerce Ministry revised SEZ-Online user charges after migration of transactions to ICEGATE reduced operational viability. New rates for transactions, AMC, and registrations apply from January 1, 2026.
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.
ITAT Bangalore held that a Souhadra Sahakari registered under the Karnataka Souhadra Sahakari Act qualifies as a co-operative society under Section 2(19). Deduction under Section 80P(2)(a)(i) was allowed, and related additions were deleted.
The CCI held that restricting warranty services in India to products bought from authorised distributors was unfair and discriminatory. The policy was found to limit consumer choice and deny market access to parallel importers, leading to a ₹27.38 crore penalty.
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.
