RBI has amended the financial statement disclosure framework for Local Area Banks by revising reserve definitions and NPI provision reporting requirements. The changes aim to improve transparency and standardization in banking disclosures.
Mumbai ITAT held that unsecured loans received through banking channels and fully recorded in books cannot be treated as unexplained money under Section 69A merely on suspicion. The addition and consequential interest disallowance were deleted in full.
Mumbai ITAT held that Section 41(1) cannot be invoked merely because a liability remains unpaid for a long period. In absence of any waiver, remission, or cessation of liability, the addition was rightly deleted.
GSTN has launched a standardized Annexure-B Offline Utility for refund applications involving accumulated ITC to enable automated invoice verification. Taxpayers must now upload invoice-wise HSN/SAC details through the prescribed utility.
Mumbai ITAT held that reassessment notice issued under Section 148 for AY 2015-16 on 31.07.2022 was barred by limitation under Section 149. The Tribunal quashed the entire reassessment proceedings and assessment order.
SEBI has proposed exempting Research Analysts from maintaining call recordings for institutional investors, citing their sophistication and ability to assess investment risks independently. The proposal seeks to reduce compliance burden while retaining other communication record requirements.
CBIC has clarified that Entry Inward and Vessel Sail-out Clearance cannot be delayed due to pending physical boarding of customs officers. The circular aims to reduce cargo operation delays and streamline port clearances through digital processes.
This article explains the composition levy scheme under Section 10 of the CGST Act, including eligibility, tax rates, compliance obligations, and restrictions. It highlights why businesses must carefully evaluate ITC loss, RCM costs, and customer profile before choosing the scheme.
The Tribunal ruled that the CIT(E) failed to properly consider the assessees replies, documents, and objections before rejecting the Section 12AB application. The matter was remanded for de novo adjudication.
This article explains how provisions of the Income Tax Act, GAAR, and the Benami law are used to tackle shell companies, unexplained cash credits, and money laundering operations in India.
