IFSCA clarified that the supersession of earlier fee circulars will apply from the date of commencement rather than the date of issuance, ensuring clarity in regulatory implementation.
SEBI clarified conditions under which mutual funds can use intraday borrowings to address redemption payout timing mismatches. The borrowing amount must be linked to guaranteed receivables due the same day.
A show cause notice was issued proposing reclassification, recovery of differential duty under section 28(4) of the Customs Act, and imposition of penalties. Additional Director General confirmed the demand, ordered recovery of duty with interest, and imposed penalties including a penalty on Manager of the appellant company. Aggrieved, appellant filed the present appeals.
The Tribunal ruled that an assessment order passed after DRP directions is still subject to revision under Section 263. It held that there is no statutory bar preventing the Principal Commissioner from revising such orders.
While interpreting Rule 39(1)(a) to mandate distribution immediately upon receipt of invoice would lead to absurdity and conflict with the statutory scheme, as ITC could not be claimed or distributed before satisfaction of the conditions prescribed under Section 16.
Even if seafarers fail the 182-day NRI test due to crises or travel delays, foreign salary may still remain tax-free. RNOR status and CBDT Circular 13/2017 provide key protection.
SEBI proposes a new category allowing minimal documentation for low-value transmission claims. The move aims to ensure faster settlement where documentation costs may exceed the value of securities.
The High Court directed strict enforcement of a 2025 SOP aimed at preventing foreign nationals from prolonging illegal stay by citing pending criminal cases. It also ordered formation of screening committees to review such prosecutions.
CBDT amended Income-tax Rules to include crypto-assets and digital financial products in CRS reporting. The move expands disclosure obligations for financial institutions and enhances tax transparency.
ITAT ruled that denial of TDS credit due to a PAN mismatch between the deceased and the legal heir is unjustified. Once the income is taxed in the hands of the legal heir, the corresponding TDS credit must also be granted.
