The Tribunal ruled that proving source of source was not mandatory for AY 2014-15. Since identity, creditworthiness, and genuineness were established, unsecured loan additions were deleted.
PFRDA has issued a public notice cautioning investors about an unregistered website and mobile app offering high-return schemes. The regulator clarified it is not authorized under the PFRDA Act and advised dealing only with registered intermediaries.
SEBI has proposed shifting ETF base price determination from T-2 NAV to T-1 metrics to reduce pricing lag and operational risks. Public comments are invited on the revised framework.
SEBI has proposed amendments to relax bank and demat account reporting norms for stock brokers, especially those that are banks or primary dealers. The move aims to harmonize requirements and enhance regulatory efficiency.
The Tribunal allowed depreciation on non-compete fees despite Supreme Court ruling it as revenue expenditure, citing practical difficulty and revenue-neutral impact. Revenues appeal was dismissed.
ICSI has urged the government to set up an NCLT Bench in Pune citing 30,600 pending cases and prolonged insolvency timelines. The move aims to ease pressure on Mumbai and ensure faster dispute resolution.
With insolvency cases taking up to 853 days against the 330-day mandate, concerns over NCLT backlog have intensified. A new bench at Patna is proposed to reduce pendency and improve time-bound corporate resolution.
The Delhi High Court ruled that Circular No. 3/3/2017 is legally valid, holding that the Board acted within its statutory powers under the CGST Act. The Court emphasized the presumption of validity and rejected the claim that only the Commissioner could assign functions.
The Tribunal held that once provisions were disallowed and taxed in an earlier year, their subsequent reversal cannot be taxed again. It directed withdrawal of income offered to prevent double taxation.
The new framework mandates that proceedings under Section 74A must be initiated by officers formally designated through Circular 254/11/2025-GST. Notices issued without valid jurisdiction are void ab initio.
