The proposed amendment introduces strict conduct standards for recovery agents and borrower interaction. Harsh recovery practices and coercive methods are expressly prohibited.
The amendments create a comprehensive framework governing recovery conduct and engagement of recovery agents by UCBs. The key takeaway is enhanced borrower protection and stronger regulatory oversight.
The draft amendments introduce a structured framework governing recovery conduct and engagement of recovery agents by RRBs. The key takeaway is stronger borrower protection and stricter compliance obligations for banks.
The ruling emphasized that tax authorities must gather evidence instead of relying on coerced admissions. Additions made purely on surrender statements were struck down for violating CBDT guidelines.
The draft amendments introduce comprehensive rules governing recovery conduct and engagement of recovery agents by Local Area Banks. The framework mandates due diligence, borrower protection safeguards, and strict prohibition of harsh recovery practices.
CESTAT Delhi held that since imported helicopter is used for private purpose without any remuneration earned from such flights, there is no substantial compliance of Condition No. 104 of Exemption Notification no. 61 of 2017 dated 03.05.2007. Accordingly, confiscation of helicopter upheld.
RBI mandates formal training and certification for recovery agents before engagement. The move strengthens accountability and professional standards in debt recovery.
The Tribunal emphasized that assumptions based on common names cannot justify major tax additions. Without documentary linkage or banking trail confirmation, the Revenue’s case could not stand.
The LLP Act permits inactive LLPs to apply for strike off through Form 24. Proper compliance, nil liabilities, and updated filings are mandatory before dissolution.
Kerala High Court held that importer mis-declared semi-dried dates imported by them as fresh dates hence IGST exemption wrongly claimed. Further, importer approached to amend bill of entry only after initiation of proceedings under section 28, accordingly, amendment is not permissible.
