The updated IFSCA framework creates a detailed regulatory structure for ship leasing activities in IFSCs, including operating and financial leases. The circular aims to strengthen India’s maritime finance ecosystem through GIFT City and other IFSCs.
SEBI issued a draft consultation paper proposing limited relaxation of third-party payment restrictions in mutual funds for specified scenarios such as payroll deductions and distributor commissions. The proposal includes safeguards relating to KYC, audit trails, and PMLA compliance.
The article identifies reconciliation mismatches between profit statements, balance sheets, and fund flow statements as a major reason banks return loan files. It stresses the need for internal consistency across all seven CMA statements.
Article highlights how mechanical matching of GSTR-9 tables is leading to unjust GST demands and penalties against honest taxpayers. It argues that annual return reconciliations, DRC-03 payments, and audited accounts are being ignored during scrutiny proceedings.
The CESTAT Chennai held that reassessment of a Bill of Entry can be permitted under Section 149 where excess CVD was paid due to failure to claim an exemption notification. The Tribunal directed customs authorities to reconsider the refund claim after reassessment instead of rejecting it on procedural grounds.
CESTAT Chennai held that CENVAT credit on outward transportation and insurance services cannot be denied where goods are sold on FOR destination basis and the buyer’s premises is the place of removal. The Tribunal relied on earlier Larger Bench and Supreme Court-based principles for determining admissibility of credit.
The Nagpur ITAT held that exemption under Section 54B requires evidence of active agricultural operations and not merely agricultural classification in revenue records. The assessee’s failure to produce supporting evidence led to denial of exemption.
The Madhya Pradesh High Court dismissed a writ petition challenging GST registration cancellation after noting the availability of an appellate remedy before the GST Tribunal. The Court held that the petitioner could not bypass the statutory appeal mechanism.
The Karnataka High Court held that retrospective insertion of Section 16(5) of the CGST Act extended the time limit for availing ITC where returns were filed before 30 November 2021.
The Court ruled that furnishing a bank guarantee equal to the alleged short-paid GST amount was adequate for interim release of the consignment. DGGI’s plea to include the penalty component in the guarantee amount was rejected.
