RBI has designated Canara Bank as the Lead Bank for the newly formed Bajali district in Assam. The circular follows the state’s notification creating and demarcating the new district.
The new payment linkage allows Indian travellers to use UPI apps directly at KHQR-enabled merchants in Cambodia. It marks a significant step in expanding UPI’s cross-border payment ecosystem.
Pune ITAT observed that the Revenue had accepted the assessee’s scrap business in earlier and later years by estimating profit on turnover. The ruling held that this history must be considered before treating deposits as unexplained income.
The Tribunal ruled that Section 68 does not distinguish between business advances and loans when unexplained credits appear in the books. The key takeaway is that real estate developers must prove the source and credibility of customer advances.
Pune ITAT held that once TNMM is accepted for a taxpayer’s aggregated international transactions, the TPO cannot isolate a single transaction and apply a different method. The ruling deleted the transfer pricing adjustment and reinforced consistency in benchmarking.
Pune ITAT held that Section 43CA is prospective and applies only from Assessment Year 2014-15 onward to eligible transactions. Agreements executed before the provisions introduction remain outside its scope.
Mumbai ITAT ruled that where a capital asset was acquired before 01.04.2001, the claim for adopting fair market value as on that date must be examined on merits. The key takeaway is that statutory valuation rights cannot be rejected on technical grounds alone.
IBBI has prescribed a mandatory format for filing complaints under its Grievance and Complaint Handling Procedure Regulations. The circular aims to streamline complaint submissions by requiring detailed disclosures, supporting evidence, and prescribed fee payment.
IBBI has prescribed a standardized format for filing claims arising from orders passed under Section 220(4) of the Insolvency and Bankruptcy Code. The circular aims to ensure consistency, transparency, and efficient processing of compensation claims.
IBBI has prescribed standardized forms for registration, information submission, records of default, and dispute reporting by Information Utilities. The circular seeks to ensure consistency, transparency, and reliability in insolvency-related information management.
