SEBI has proposed allowing depositories to use up to 5% of interest or income earned from Investor Protection Fund investments for administrative and statutory expenses. The proposal aims to align depository rules with the framework already applicable to stock exchanges.
SEBI has proposed the GARUDA mechanism to reduce AIF scheme launch timelines from 30 days to 10 working days. The proposal aims to improve ease of doing business and accelerate capital deployment while maintaining post-facto regulatory scrutiny.
DGFT amended Appendix 2B of FTP 2023 to include authorised agencies permitted to issue Preferential Certificates of Origin under the India-UK CETA. The notification specifies product-wise authorities and SEZ-based issuing agencies.
IFSCA approved draft Managing General Agents Regulations, 2026 to regulate registration and operations of MGAs in IFSCs. The framework introduces eligibility norms, capital requirements, audit obligations, and safeguards for policyholders.
The Patna ITAT upheld rejection of a trust’s Section 12AB registration after finding that the trust deed permitted application of income for persons residing outside India. The Tribunal held that Section 11 allows exemption only for charitable expenditure incurred in India.
The High Court held that documents received through official international channels carry presumption of genuineness but must still satisfy proof requirements under Section 78 of the Indian Evidence Act.
ITAT Delhi held that Section 69A could not be invoked where the Assessing Officer himself accepted that transactions were recorded in the books of account. The matter was remanded for limited verification of sales records and related documents.
The Mumbai ITAT held that exemption under Section 54F has to be given effect before applying set-off provisions under Section 70(3). The assessee was allowed to carry forward long-term capital loss separately.
The Supreme Court dismissed the challenge to a Bombay High Court order condoning delay in filing Form 10B audit report under the Income Tax Act. The High Court had accepted the explanation that the delay occurred due to lack of awareness of newly introduced online filing procedures.
CESTAT Chennai held that lower authorities failed to comprehensively verify courier invoices, consignment notes and tax payment records before confirming service tax demand. The matter was remanded for fresh adjudication.
