The article argues that refunds arising from the Supreme Court’s ruling in Mohit Minerals fall squarely within the proviso to Section 56 of the CGST Act. It contends that the statutory framework mandates 9% interest for court-ordered refunds that have attained finality, not the 6% awarded by the High Court.
SEBI’s consultation paper proposes mandatory disclosures for refinancing of municipal debt, including lender details, repayment schedules and past restructuring history to improve investor transparency.
SEBI’s consultation paper proposes allowing mutual funds to use intraday borrowings for broader liquidity and cash flow management purposes beyond redemption payouts.
IRDAI approved drafting regulations for implementing a Risk Based Capital framework to strengthen solvency assessment and align India’s insurance sector with global standards.
Telangana High Court held that the taxpayer may seek rectification under Section 161 of the CGST Act where allegations of overlapping GST proceedings arise for the same tax period. The Court directed authorities to consider the rectification application after granting hearing opportunity.
Telangana High Court permitted the taxpayer to file an appeal against the GST assessment order along with a delay condonation application. The Court directed the appellate authority to sympathetically consider the delay since the taxpayer had been pursuing writ proceedings.
Telangana High Court disposed of the writ petition challenging DGGI summons after the department agreed to issue fresh summons with sufficient response time. The Court held that the challenge to the earlier summons had become academic since it was no longer being acted upon.
Telangana High Court permitted the taxpayer to file a delayed appeal against the GST assessment order along with a delay condonation application. The Court directed the appellate authority to consider the delay sympathetically since the taxpayer had pursued writ proceedings.
Mumbai ITAT held that additions for alleged accommodation entries and commission income cannot be sustained solely on retracted statements and third-party Tally data without independent corroborative evidence.
RBI has created a new category called Unregistered Type 1 NBFC for companies operating only with internal or group funds and without direct public interaction. Eligible entities are exempt from certain registration and reserve fund requirements.
